Legal Question in Employment Law in India

Sir,

I am working in a private limited company where the terms of employment in the appointment letter states that the notice period to be served is 2 months. The employee has the option to buyout by paying 2 months salary in lieu of serving the notice period. However, when I approached the company to exercise my buyout option, the company refused to take the money and has asked me to reconsider my decision to leave. I would like to leave the company immediately and would like to know what are the legal options available on my part if the company refuses to accept the money in lieu of serving the notice period. Please advice.


Asked on 4/01/15, 12:18 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

02.04.2015

Dear Sir / Madam,

As the saying goes : "Once you resign, never look back, always look ahead". You have to firm up your mind and act accordingly. You should calculate the full and final settlement dues owed to / by you to the Company as on the last working date specified in your resignation letter after adjusting the basic pay for the notice period brought out, and inform the amount to the Company. If there is a net amount payable by you to the Company in your full and final settlement, handover the cheque in the name of the Company on the last working date and obtain their acknowledgement of receipt thereon. If there is an amount payable to you on the full and final settlement, if the Company does not handover the cheque to you on the last working date, submit a letter requesting the Company to settle your dues within 7 days.

Regards,

Read more
Answered on 4/01/15, 9:21 pm


Related Questions & Answers

More Labor and Employment Law questions and answers in India