Dear Sir,
I am working for a private limited company. Suddenly, the company decides to wind off a division with a notice of 15 days and sell the assets and liabilities to another newly formed company, including the employees. Are the employees eligible for the notice pay? If so, on what legal basis should we claim it? How many months of notice pay are they eligible for? Should they receive only the basic salary or the full salary?
I look forward to your reply.
Regards,
Karthik
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I am working for a private limited company. Suddenly, the company decides to wind off a division with a notice of 15 days and sell the assets and liabilities to another newly formed company, including the employees. Are the employees eligible for the notice pay? If so, on what legal basis should we claim it? How many months of notice pay are they eligible for? Should they receive only the basic salary or the full salary?
I look forward to your reply.
Regards,
Karthik
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Dear Karthik, Answers to all your questions can be found in appointment letter you have signed with this company. There is no case law about the duration and amount of notice period. Regards,
From India, Pune
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39From India, Pune
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There is no job loss for the employees. Your company has been acquired by another company. The company is not liquidated. Only the management has changed. No notice period needs to be paid in the absence of job loss.
From United+States, San+Francisco
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From United+States, San+Francisco
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Since the acquiring company is taking on all the liabilities, there is no need to worry. This includes all statutory liabilities, including Gratuity if applicable, unless a new appointment letter is given to you as a new joinee.
From India, Ahmadabad
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From India, Ahmadabad
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Is there a loss of job? Whether your employment is continued with continuity of service by the new management? Any change in terms and conditions of appointment by the new management? Whether there is a change in service conditions?
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From India, New Delhi
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Thank you for the opportunity to assist with your inquiry. I have reviewed the text provided and made the necessary corrections for spelling and grammar. The paragraphs have been formatted correctly with a single line break between them. If you have any further questions or need additional assistance, please feel free to let me know.
From India, New Delhi
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Company Letter for Completion 01 Month Notice.docx