You are here:

Indian Law/Manager not releasing or agreeing for buyout

Advertisement


Question
Respected Sir,

I am working in a multinational which is having  a 3 month notification period which can be negotiated at the company's  discretion which would be adjusted against an equivalent basic salary payment.The decision to do so, should be a signed off through a consultative process, between HR and the first and second level supervisor of the employee.

Now I have got a good offer from a reputed MNC and they are asking me to join within 1.5 to 2 months and are ready to buy me out for the remaining period. However my manager is adamant and asking me to serve a three month notice period and is not even ready for a buyout. I have spoken to him many times but he is not agreeing at all and often threatening me with issues that if I do leave the organization without serving the notice period then I would not be provided with either a release letter or an experience certificate and legal action could be taken against me. Due to such a situation I have already lost many opportunities in other companies who were willing to buy me out. The irony is nowadays no company wants to wait for 3 months. If this goes on happening then my skills and upliftment in career ambitions would be jeopardized. Kindly help me as to what I can do in such cases?

Answer
You have to terminate your contract as per the termination clause contained in it.Though it is true that you are missing to avail better job-opportunities for failure to join within a short pweriod but it is also necessary for you to obtain a release order from your existing employer.Further,it is fully at the discretion of your employer to wave/insist for a full notice period.So you can request them to wave the notice period but there is nothing wrong for them to reject the said request for exigencies of their work.The only option available for you is to seek extension of the joining period from your new employer.It is also a fact that very few employer will wait for three months joining period for a new employee.However,due to terms of your appointment nothing could be done in this respect and you are to accept your fate.
In view of the above, there is not much merit in challenging the decision of your present employer.

Indian Law

All Answers


Answers by Expert:


Ask Experts

Volunteer


Arun Kumar Maitra

Expertise

Contract Law,Companies Act,Sale of Goods Act,Partnership Act,Negotiable Instument Acts,Constitution of India,Arbitration Act,Consumer Protection Act,Maternity Act,Payment of Gratuity Act,Payment of Bonus Act,Shops & Establishment Act etc.The answer to the grievance of the particular online query depends on the facts of the particular case and law applicable to it.However,my comments relating to the various queries raised through the "All Experts" should not be treated as legal advices and should not at all be relied upon.I do not accept any responsibility for them.They will only give you some ideas about the probable merits of your cases.Ultimate actions/decisions in the matter may please be taken in consultation with the Legal Experts in the relevant fields.My purpose of giving the comments is to increase my own knowledge on the subjects and share it with others.It is purely of academic interest to me. I strongly feel the more knowledge we share,the more we shall be able to learn because there is neither any age nor any end to learning.

Experience

I have experience of dealing with matters relating to holdings of board/general meetings,maintenance of statutory registers,filing of necessary returns with the RoC,obtaining licenses for import,replies to Parliament Questions,dealing with the Parliamentary Committees,appearing before various courts to defend my employers,filing affidavits/counter -affidavits,preparing written statements/re-joinder,giving advice to management on complicated legal issues,preparation,drafting and vetting of contracts etc. I have more than 35 years of experiences to deal with the Company Law and Other Commercial Laws of leading Organisations in the country both in Public as well as Private Sectors.

Organizations
Member,Inst. of Chartered Accountants of India Member,Inst. of Company Secretaries of India; Member,Bar Council of India Member,All India Management Association Member,Delhi Management Association Ex. Vice-Chairman,Durgapore Chapter of the I.C.A.I. Expert ,CA Club India Expert ,Lawyers Club India Expert,AllExperts Ex. Faculty ,I.C.S.I as well as I.C.W.A of India Retd. Co. Secy. & G.M.(Law)/NFL(A Mini-Ratna A Schedule Central P.S.U.),New Delhi Ex.V.P.(Secretarial Dept.),Jaiprakash Associates Ltd. Ex. Co. Secy.,MAMC(A Govt. of India Enterprise),Durgapore

Publications
Nil.

Education/Credentials
M.Com;LL.B;A.C.A;A.C.S.

Awards and Honors
Obtained ''A'' Grade Certificate in the Parliamentary Procedure from the Secy. General of Parliament in 1994-95.It was in connection with a training course conducted by the BPE for PSU Executives.

Past/Present Clients
I am presently working as a Company Secretary in Old World Hospitality Pvt. Ltd.located in Delhi.It is engaged in Hospitality Industry.It has Units in India and abroad.It has been given the responsibility to look after operation & Management of ''India Habetat Centre'' located at Lodhi Road,New Delhi.

©2016 About.com. All rights reserved.