Dear Sir.
I am 52Yr Old Ex-Serviceman and an Engineer. I had been employed as a Full time employee for last 2.5 yrs with a Reputed 60 Yr old Pvt Company listed on NSE at Mumbai.
A year back, Company sold the Business in which I was employed as a going concern and transfered all the junior employees to the buyer as per Business Transfer agreement (BTA). I was heading the Business and was not transfered but retained by existing company and was given a new role as Business Head for another division. Now this new division had some legacy projects and is now closed for new orders. So company has asked me to quit with 3 month notice period as per my employment terms.
I am a General Manager. I tried to use the 3 month period for looking for a new job but couldn't find one - due to age.
I want to know :-
1. Can company terminate my services citing closure of business.
2. Why I am the only one who is being terminated while teh remaining Jr Managers and employees are not touched. CEO told me that as I am drawing a large salary, hence I should quit.
3. Am I entitled to severance pay or the 3 months notice period is enough
4. Do I have legal options in this case? If yes, what is best course?
5. As I had submitted by resignation under coercion, should I withdraw it and dare company to terminate me?
Please advice asap as only 2 weeks are remaining (30 Jun) for the 3 months notice period to get over.
