Q: Can company ask for return of gift, given to employee for last year’s performance reward?
Background: my company gifted me a two-wheeler as gift incentive for outstanding performance for last financial year. Company purchased it on loan from bank. Loan was in favour of company not me. This based on partial down payment 60:40 ratio (60 company: 40 me) and monthly installment of 80:20 ratio (80company: 20 me). However, vehicle is registered under company’s name. Registration is done in “State X’ (company’s head office). I lived in ‘State Z’ (branch office). Company delivered vehicle to my state. I paid 40% of my contribution of down payment by my personal chqe in company’s favour and company deducting certain amount from my salary every month toward contribution of monthly payment. On paper they said that they will transfer vehicle to my name when loan period get over. I have proof of cheq, offer papers of gift. Before handing over to me company took my sign on agreement paper that I’ll pay my contributions regularly for entire loan period, and I have to keep vehicle in good condition as it is company’s property till transfer to my name.
However, this year’s performance is below last year, due to unavailability of goods etc. Now company is asking me to return two-wheeler, for which I made significant contribution. I want to know what my options are. In addition, what gift laws say about this in my case? What should I do, keep the vehicle, which is register in company’s name in ‘State X’ or return it. Recovering my money from company is not easy. In addition, what are company’s options? What legal actions can they take and what should my answers? My past career / record in company is very good but regular recalling is hampering my work and I am in mental distress also. For last many days, I did not sleep properly and feeling physically exhausted due to this behavior of company.
