Remember | Register | Forgot Password?
Bookmark This Page   RSS Feeds  Follow On Twitter

 

Search for Lawyers          
    



Please Wait ..


Discussion > Labour & Service Law > Others > Employees benefits for co-op banks under liquidation   Unanswered Threads Post New Topic

Pages : 1


There are 4 Replies to this message


BPrabhakarrao


Officer on Special duty
[ Scorecard : 28]
Posted On 28 May 2011 at 18:02 Report Abuse

I am working a State Co-op Bank in Mumbai which is registered under Multi State Co-op Act,1984. The bank lost its banking license in 2003 as per judgement of Supreme Court. It is under liquidation since Dec2005. At present all the deposit holders are paid. Only the equity holders are to be paid. The arbitration in case of advances has been pronounced and the liqudiation process may take another 5 years. Overall the bank is likely to earn good profit at the end of  the liquidation. The services of the employees were fully paid at the time of closure of the bank in 2003. However few employees were later taken on rolls as temporary and only lumsump amount is paid every month regularly. Under these circumstances please clarify a) whether employees are eligible for PF and Gratuity ? if so with retrospective date of 2003 or not? b) after liquidation all the employees (10 persons) will be jobless.Is possible for the Liquidator to exercise his power for providing a compensation out of the expected profits in the form of pension to the employees? c) If  (a) & (b) are to be negotiated with the liquidator who is dynamic and helpful how we should proceed legally to make a sound proposition? Can any body help me?

B.Prabhakar rao



Online certification courses in IP, IT and Social Media laws


Member (Account Deleted)


LAWYER-ADVOCATE
[ Scorecard : 4594]
Posted On 29 May 2011 at 12:42 Report Abuse

SIR,,

KINDLY NOTE THAT.

1.BANK WENT IN TO LIQUIDATION.STAFF DUES FULLY PAID.

2 SOME EMPLOYEES WERE TAKEN BACK ON TEMPORARY BASIS ON PAYMENT OF LUMPSUM AMOUNT PER MONTH

3.YOU MAY REFER TO YOUR JOB OFFER AND APPOINTMENT LETTER FOR TEMPORARY JOB.REFER TERMS OF EMPLOYMENT AND ACCORDINGLY YOU WILL BE PAID MONTHLY DUES.

4.KINDLY NOTE THAT YOUR PERMANENT EMPLOYMENT DUES WERE FULLY SETTLED BY THE BANK.

AND YOUR CURRENT POSTING IS OF TEMPORARY NATURE ON A FIXED AMOUNT MONTHLY.

5.HENCE YOU MAY NOT GET ANY OTHER BENEFITS AVAILABLE TO PERMANENT EMPLOYEES.

6STILL YOU MAY WRITE AND SEND FURTHER DETAILS SO THAT DETAILED REPLY CAN BE SENT.GOOD LUCK.



BPrabhakarrao


Officer on Special duty
[ Scorecard : 28]
Posted On 30 May 2011 at 22:15 Report Abuse

Dear Nandakumarji,

I am thankful to your prompt reply. Referring to the last line of your reply I have to state as follows

a) Those employees who were  reemployed on temporary basis giving monthly lumpsum salaries are not given and appointment letters either by the earlier board of the bank or by Hon'ble Liqudator.

b) Gradually the Hon'ble liquidator started considering enhancement in salaries ( without any basic or DA etc) and also extended  leave facilities, LTA, bonus etc which were given like permanent employees.

c) Despite all our best efforts to impress upon the management to consider PF, Gratuity etc.. which are extended in the normal course to regular employees, the management is not convinced. Hence my  request to you to help in convincing the managment to extend the regular benefits like PF, Gratuity and also pension since the bank is in profit and also will be in profit at the time of complete liquidation.

d) Sir, Pl clarify whether Hon'ble Liquidator has powers under section 90 for this purpose as per Multi sttate Co-op Societies act,1984 and we should present our case?

B.Prabhakar rao



BPrabhakarrao


Officer on Special duty
[ Scorecard : 28]
Posted On 03 June 2011 at 18:31 Report Abuse

Dear Nandakumarji,

I have posted my observations for your reply. Please examine and reply suitably.

B.Prabhakarrao



Sajeev Menon


Legal Consultant, Dubai, 00971 508836442
[ Scorecard : 355]
Posted On 11 July 2011 at 21:02 Report Abuse

Dear Mr.Prabharrao,

You can approach the liquidator as well the judicial body who have appointed the liquidator to get your redressal. Liquidator always doesnt have that power to exceed his limits but he can submit it before the judiciary to get the consent.




Related Files



Previous Thread
Previous
Next Thread
Next

Related Threads


Post your reply for Employees benefits for co-op banks under liquidation



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • This is a public forum. Avoid posting content which you do not wish to disclose in public.
  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.





Subscribe to the latest topics :


Forum Home | Forum Portal | Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads - Month | Unreplied Topics | Forum Stats


web analytics