I was working in a mutual fund distribution company. One of the investors withdrew the fund before the clawback deadline, and the company had to pay back the distribution income. I had received the incentive from the company when the fund was invested. Now, even though I have resigned, the company is asking to pay back the incentive. What should I do? I was under the notice period when this happened. I am yet to get my final settlements.
From India, Kochi
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From India, Kochi
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Obviously, the company is not going to pay you an incentive in a case where the investment has not materialized. If you do not pay back voluntarily, they will adjust with F N F. Check with your friends how such cases have been tackled earlier. I am sure it is not the first case where funds have been withdrawn or a cheque for investment has bounced.
From India, Pune
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3251From India, Pune
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Is it legally binding on me? Can they file criminal/civil case against me if I refuse to pay back?
From India, Kochi
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From India, Kochi
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If you are not entitled for the incentive,why try to retain it? It is not worth entering into a legal battle over the issue.
From India, Pune
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From India, Pune
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It was the option of the investor to disinvest in the fund, which he has exercised. The commission was not due to you until the option period was over. Correct me if I am wrong. So, do not be greedy. If it is not due to you, the better option is to return it to those to whom it belongs.
The Company can sue you. Remember, it is much more powerful than an individual. It has a large pool of resources and can engage you in an endless court battle, which I assume you can hardly handle or afford. Instead, use the time to move on with your life.
From India, Pune
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The Company can sue you. Remember, it is much more powerful than an individual. It has a large pool of resources and can engage you in an endless court battle, which I assume you can hardly handle or afford. Instead, use the time to move on with your life.
From India, Pune
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Sales Incentive.xls
Company Profile.ppt