If I'm terminated from a company on any grounds, Will company take legal actions to recover joining or sign on bonus. Bonus is in couple of lakhs. I'm adding all the clauses I found in employment contract.
- Am I legally bounded to return this amount ?
Notice of termination
The Services may be terminated by either party by giving one month (30 days) notice or base Pay (if any) in lieu of the shortfall in notice.
However, in the event of you committing any criminal offense or indulging in any activities which amount to moral turpitude or acting against the interest or the regulations, policies and processes of the Company, you shall be liable to be dismissed forthright after getting an opportunity of being heard, without any further notice.
Further, the Company may terminate your employment without prior notice or payment in lieu of notice for serious misconduct in accordance with relevant laws or any material breach of your employment agreement, in particular, any breach of para 1 & 2.
Upon termination of employment, you will immediately hand over to the company all correspondence, specifications, formulae, books, documents, market data, cost data, drawings, affects or records belonging to the company or relating to its business and shall not retain or make copies of these items. You will also return all company property, which may be in your possession. Any damage to or loss to any of the company properties or assets during / after the course of employment is sole responsibility of the employee and is liable to be charged for the damage and cost incurred in repair or replacement of the asset.
Para 1. Engagement in other business You acknowledge that the Company wishes you to devote your whole time and attention to the Services of the Company during the term of your employment with it. While you render services to the company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company.
Para 2. Non-Solicitation You shall not, during your employment within the Company or for a period of twelve (12) months after the date of termination of your employment with the Company on your behalf or on behalf of any person, firm or company, directly or indirectly: a. Recruit, solicit, entice, assist or engage in any activity whatsoever that would result in any person then or thereafter employed by the Company or appointed as representative of the Company, to join you in providing Services to be employed by any business activity in which you shall be involved; or b. Approach, induce, solicit or persuade any client or customer of the Company to cease doing business with the Company or reduce the amount of business which that person or entity would normally do with the Company.
As part of this program, you will receive an amount of INR XXX,XXX payable in two equal parts; the 1st part INR XXX,XXX to be paid along with the 1st first month’s salary and 2nd and final part INR XXX,XXX to be paid along with the 13th month’s salary.
This program is governed by these following membership rules:
1. The amounts will continue to be paid only if you are serving the Company on the date of the program.
2. If you decide to resign anytime in the 12 month period post a particular payout, the amount paid for the particular duration, will need to be repaid to the Company (gross of tax).
3. The amount will be payable in accordance with the Company’s standard payroll practice and subject to applicable taxes.
4. The Company reserves the right to continue, withdraw or modify this program.
5. The Company further reserves the right to change the program amounts, depending upon changing business needs. This information is strictly confidential. Please do not share the financial details of the program, either externally or internally. If this information is disclosed by you, we reserve the right to withdraw you from the program.
