Employee dues-co.under liquidation
deepak
(Querist) 22 June 2012
This query is : Resolved
I was employed with a deemed limited Mfg.co. with turnover of @ Rs.30 Crores (in 1980 s)at Mumbai.
I resigned in 1983 with acceptance/acknowledgement of resignation.
Employer was not payingmy dues towards LIC premium-deducted and not paid to LIC under salary saving scheme,PF,Bonus etc.I filled a case in Labour Court and judgement was in my favour for Rs.20,000/- in 1986.
Subsequently co.was unde BIFR and I had handedover my claim to official liquidater at Fort,Mumbai.
Now after 30 years ,yesterday I have received a letter from liquidater that I will get Only Rs,20,000/- and no compensation towards interest.I have to file my objections/reply BEFORE 25th June 2012.
Can someone help me if in such cases -employee gets an interest on dues ?? In last 30 years Rupee has been depreciated and cost of living has also gone up.
My employer had @ 2/3 acres of prime LAND in MUMBAI suburbs , valued today at few hundres crores.
ajay sethi
(Expert) 22 June 2012
it appears that company liabilites must be more thn assets . there must be number of secured creditors also . you are getting Rs 20,000 your principal maount . take it . find out company assets and liabilites from Liquidator office
Sudhir Kumar, Advocate
(Expert) 22 June 2012
in case amount was deducted and not deposited at the place where it was menat to be deposited it is congnzable and non-bailable offence under S/406/409 IPC. The criminal liability is not extinguished by going to BIFR
deepak
(Querist) 17 July 2012
Liquidator has sent an official letter and asking to confirm if Rs.20K (due from 1983-30 years ago-) ONLY IS PAYABLE AND NO INTEREST.
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It seems some FISHY ACTIONS being going on to siphen off money reserved for employee's dues -
by some illigal and un-constitunial way by those who has access to the funds ear-marked for employees' DUES.
