Dear Sir
I have been working for 4 years in a Govt. Company, which is a joint venture of a Public Sector undertaking and State Govt. Company. Majority of the stake holding belong to the public sector company. Due to loss making higher officials of the company is deciding to close down this company. My company comes under Ministry of Petroleum and Natural Gas and listed in department of public affairs as subsidiary company.
In our appointment letter a clause is mentioned "The management of the Company reserves the right to terminate your services at its absolute and sole discretion, after giving you a notice in writing of one month or on payment of one month basic pay in lieu thereof, without any cause or reason whatsoever and without assigning or intimating any reason for such termination".
The holding company is a profit making company we were issued confirmation letter in this joint venture company. So if they windup the company, shall we defend our services and ask for relocating us in the parent company since, the parent company is willing to close this subsidiary company. We worked very hard in this company to establish this new established company for last four years.
Looking for your suggestions in this regard, how we can move ahead if such tough decisions are taken against us. We are 5 employee working in this company.
