compensation for services

GORRE NARAYANA (Querist) 29 January 2010 This query is : Resolved
Dear Sir/Madam,

Iam G.Narayana working as finance manager in a private limited company(Manufacturing factory) since 1996. I have 14 years service in this company. Now my age is 40 years old. Now the company management want to sold the company or lease the company to some one else or close the company. Now what are the rights available to me and my staff in the way of compensation. Please explain in detail with case laws. what is the proceedure to go to fight on management legally

Thanking you, Sir/Madam
Yours Narayana

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R.R. KRISHNAA (Expert) 29 January 2010
If there is anything stated as compensation in the service agreement between you and the company you are eligible only for that. Since you have worked for more than 14 years you can request your management to provide you a good compensation while leaving the company. Your request can be considered or rejected. You cannot challenge the company for any other amount.

B K Raghavendra Rao (Expert) 29 January 2010

If you were a workman under the Industrial Disputes Act, you would have got three months' salary as compensation. Now that you are not a workman, you would not even get that.

You are at the mercy of the management. If you are asked to quit, the management would have to pay you the salary in lieu of quit notice in accordance with the terms of your employment (either 1 month or 3 months). You would naturally be eligible for gratuity which has to be paid by the company. Leave enashment,if any, would have to be paid by the employer.

Other than these, I do not think you could claim any other benefit.

Bhumik Dave (Expert) 30 January 2010
its depend on your agreement with com. hwever above both ld is correct.

Guest (Expert) 30 January 2010
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Sarjooram Sharma (Expert) 03 February 2010
In my view you are not covered under the term workmen.

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