Hello experts,
I have gone through the various threads posted w.r.t non payment and delay of salaries. I am also facing a similar issue in the current co. Ours is a Public ltd. Co. and it has not paid salaries to our emmployees salary for the past 4 months. As a final measure of resort we had demanded for a cheque to settle only our salary dues. We were isued pd cheques which, too, had got bounced. Effective June end all the employees have resigned but there settlements are still due. As of now its only 4-5 employees who are continuing in the service of the co. The employer had been giving dates on dates every month to settle the salary dues, which has never been materialised.Need notbe mentioned that all the statutory payments and final settlements of ex employees too are pending since 2012. It may be noted that in between the employer had paid some meagre amount of 5000-10000 to 5-6 employees. The company had also availed loans from various other sources and not been able to settle the same within the stipulated time period and thus have received legal notice for those too. the share price of the co. has fallen drastically. It may also be noted that all overhead expenses too are either not paid for past few months or paid in part for few of the vendors.
I am eagerly waiting for an expert advice to settle this issue once for all. Will filing a police complaint along with a legal notice would fetch any result? Is the Co. preparing itself for a liquidation/Bankruptcy ? Kindly treat this topic on priority and help me out with an expert advice.
