Saumyajit Seal 07 March 2018

Privilege to employment during closure of PSU

I am working as Junior Manager E1 with a state owned CPSU under Ministry of Railways. I have been serving the organisation from June 2012 however, I am absorbed on permanent roll on January 2017. I have also been confirmed in january 2018. The company filed insolvency at NCLT with insolvency and bankruptcy act on June 2017 due to huge overhead dues. Yesterday 06.03.2018 a verdict of closure was passed with a VRS resolution package and creditor dues. With verbal communication with our CMD, he told us we donot fall under VRS scheme, and even asked us to search other jobs. I am taken aback by such an insecurity over a PSU job termination without benefits holding more than 30 years of service until retirement at 58. Suggest me a right way for ourselves for either employment by switching PSUs / getting direct absorbtion into Railways or benefits and emoluments in regard to a left out 30 years of service.

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9 Replies

R.Ramachandran (Advocate) 07 March 2018

Please indicate the name of the PSU.

Saumyajit Seal 07 March 2018

Burn Standard Co Ltd ( Government of India Undertaking ), Ministry of Railways

R.Ramachandran (Advocate) 08 March 2018

Getting into other PSUs or getting absorption in Railways is impossible.

You have to look for other jobs only.

Saumyajit Seal 08 March 2018

What about the benefits ?

Saumyajit Seal 08 March 2018

Is there any legal grounds to look out for benefits ?

R.Ramachandran (Advocate) 08 March 2018

What benefits that you are talking about? Be specific.

Saumyajit Seal 08 March 2018

Service benefit relating to left out 30 years of service. Moreover, in our appointment it was said that we cannot leave the company for 2 years after getting absorbed i.e till Jan 2019. Moreover total service period delivered to the company is 5 years 7 months. 3 years 6 months contractual, 1 year Management trainee and 1 year on permanent role under probation and 2 months under confirmation.

R.Ramachandran (Advocate) 08 March 2018

You are dreaming!

Saumyajit Seal 08 March 2018

😐... Is there no way to persuade an employment opportunity in regard to the service provided for the past 6 years, as the company is still in operation. The other way is always open but actually we were unjustifiably recruited. The 1st contract said a 3 years agreement after which the company may absorb or terminate, but they extended, further they put up on MT role which was not offered on the initial contract, we have drowned our careers on such void agreements, however we were unable to raise our voices as the management forecasted of a brighter future.