Generally, it depends on company policy. If management is willing to compensate then there is nothing wrong to adjust those leaves.
As you said there is no OT, no comp offs, then i think it's fair to adjust those leaves.
Let them feel company is also taking care for them.
10th February 2010 From India, Pune
See, when we look at Employee Welfare/Satisfaction point of view, we have to adjust those leaves to other festivals, then only employees feel better and they celebrate.
As Asmitha said, employees should feel company cares about them.
As per me..its a good decision u have taken by adjusting leaves.
Arun Kumar SG.
11th February 2010 From India, Bangalore