Service in two companies!!!!

BISWAJIT SENGUPTA (Querist) 17 March 2013 This query is : Resolved
Respected Sirs,

I am an Executive Officer of a Limited Company which is running suspension of work since Nov'2005. I have neither resigned nor terminated from the company. The Company verbally asked me to resign from the service. But I could'nt. The Company declared sick Industry Sept'2011. But till date I have not been informed from the company's end. Sirs I get an opportunity to join another company on permanent basis.
My question is whether I join that company without tendering resignation to my existing company. Cause of not tendering resignation - My company will not pay my dues at a time. They will make the payment on installment basis for a period of three years.
Sirs, I am totally confused. Please suggest me what to do?
Biswajit Sengupta

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Nadeem Qureshi (Expert) 17 March 2013
Mr. Gupta
if your company has been declare as sick company, there is no future, send a resignation letter or notice to them as per your appointment letter's terms and conditions and join another one.

prabhakar singh (Expert) 17 March 2013
If your new employer is likely to ask you about your previous employment,then better resign and get relieved and then join.

Anirudh (Expert) 17 March 2013
Pl. heed the sane advice of Mr. Prabhakar Singh and Nadeem.

Please remember, those who try to sail in two boats at the same time, get themselves torn apart!

Kuummaar AS (Expert) 17 March 2013
You have mentioned that your company has been declared sick. So, it may be governed through Sick Industrial Companies Act (SICA)which provides for the constitution of two quasi-judicial bodies, that is, Board for Industrial and Financial Reconstruction (BIFR) and Appellate Authority for Industrial and Financial Reconstruction (AAIFR). BIFR was set up as an apex board to tackle industrial sickness and was entrusted with the work of taking appropriate measures for revival and rehabilitation of potentially sick undertakings and for liquidation of non-viable companies.

The Board may by order declare with respect to the sick industrial company concerned that the operation of all or any of the contracts, assurances of property, agreements, settlements, awards, standing orders or other instruments in force, to which such sick industrial company is a party or which may be applicable to such sick industrial company immediately before the date of such order, shall remain suspended or that all or any of the rights, privileges, obligations and liabilities accruing or arising there under before the said date, shall remain suspended or shall be enforceable with such adaptations and in such manner as may be specified by the Board,

In view of the above position, it is advisable to follow advice of experts. As far as your wages and other rights are concerned, they will be as per decisions taken with respect to the company.