Hi,
I had taken an executive employment agreement with a basic salary of Rs. 40,000/- pm.The agreement period was 3 years but can be terminated by either party by giving 60 days notice. This is a Pvt Ltd company with 10 partners but one MD is the only active parrtner.
Of the other components of the salary about 27% was to be taken as reinvestment and shares to be issued at the end of every financialy year after due deligence to determine the value of the shares and about 19% would be paid as year end reimbursements. This is attached as an annexure to the agreement and the reimbursables are mentioned in tis annexure to add upto my CTC. while getting relieved, i asked the MD about my settlement and he said he intended to pay the reinvestment amount and it was also agreeeable to me. But this discussion was only verbal.
A part of hte year end reimbursement was paid when I was in employment. The company was financially struggling and not in good health so I resigned after one year and after serving 60 day notice period was relieved. But he company management is not responding purely it seems because of the poor financial health. Even after 3 months of relieving there is no response and the MD (signatory to my agreement) hardly reply to any of my mails in this regard. I have sent atleast 10 mails attaching the claims statement. But only twice I received the reply saying the financial position is not good etc.
There is not commited date given for issue of shares OR settlement in cash and also settling my year end payouts.
I just wanted to know how to move forward in this regard and what are the options available to me. Can this be considered as criminal breach of trust?
I request the learned legal experts to guide me.
Thanks
SS
