Psdhingra
Legal Analyst, Hrm
Raghunath_bv
General Manager-hr & Admin
Riteshmaity
Labour Law Advocate
Ankit200189
Senior Manager
ArshadKhan14
Hr Manager

Dear all,
I had joined a private organisation as a senior credit manager for industrial equipment finance in may 2015 after leaving my government bank job. After my joining I came to know that the business of the company is halted and they will be merged with their parent company.
I was helping the collections team and in the meanwhile looking for job. In around December the product head of the parent company called me and told me that they want to book some industrial equipment loans in their business loan domain and If I help them with suggestions and financial analysis then my absorption would be easier.
The parent company started booking the deals and I provided them with the financial analysis of the client and my observations or suggestions to the deal. In those deals I had no authority of meeting the dealers or client. I had no role in sourcing, documentation, verification, disbursement and approval.
At the end of April 2016, the employees of the subsidiary were absorbed and I was asked to leave with three months upfront salary but I requested them to give me my three months notice period to which they agreed and my last working day is 1st of august 2016.
Now on 1st July 2016 I received an email from the audit team that a deal sanctioned in Feb 2016 and disbursed in march 2016 has gone bad and according to the audit findings the machinery has been overpriced and fraud has been committed by the dealer and the client. Further the audit team stated that it was gross negligence on my part not to verify the cost of the asset from the market. Audit sought my explanation and I provided one on 2nd July 2016. On 4th July I received a show cause notice dated 2nd July 2016 which asked for explanations and stated that my resignation has been unaccepted. I replied to the show cause notice and then they suspended me on 12th July 2016 stating that gross negligence on my part has resulted into huge loss for the company and I'm suspend till the account mentioned in the show cause is resolved or settled.
I have also appeared for a job interview on 10th July and I got through.
Now please tell me what can I do? I want to join the new company without hassle. Is this suspension justified and what are my options?
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Dear Ankit,
As per my legal knowledge goes, you need to clear your case from the previous company's inquiry or else the new company on verification of credentials the job may be fatal. Also please take cognizance in case you do nor appear in person the company may file an FIR against you in their jurisdictional Police station and also book a criminal case against you and other cases in the court of law for recovery of their monies, wherein your credibility will at stake.
In he given circumstances it would be better to discuss with company management for an out of court settlement and get clearance certificate from the Mgmt. Please remember, in future whenever you are doing financial transactions you have to doubly ensure that the loan application and he client's project is correct. In case,if required you need to get it verified from the companies registered evaluation consultants, who has all the latest market data will be of much use to you.
You are entitled to 50% of your salary for the first three months of suspension and thereafter 75% of your salary for the rest of the period till you remain suspended. You can demand it in writing.
dear raghunath_bv,
The company is not carrying out any enquiry. According to the company my gross negligence has been established and so they have suspended me till the account is resolved. The price of the machinery is debatable and the dealer has already met the management for clarification on the price of the machine. At the time of sanction of the proposal I was an employee of the subsidiary while the account was booked in the parent company. The parent company did not provide me with any credit policy or a procedure. I was asked to put my suggestions to the deal and had no access to any documents to the deal other than the financials of the borrower. The company had no registered evaluators. Now the parent company want to blame me for everything and save the their own employee involved.
Ankit,
Whatever may be the reason, you need to discuss the issues case by case with the present Management, and try to close the matter as early as possible, since you have one more assignment waiting for you.Please do not miss any opportunity. Now you got a fair idea as to how the private sectors work. Working in Government Sector is totally different from the Private sectors. While drawing any conclusion pertaining to loan etc you should be abreast with the information, then only success comes in your way.
All the best for new job. May God bless you
Hi dear,
I'm Arshad Khan HR Manager at Mituj Marketing. Many many Congrats for that Ankit. I have completed my master degree from Pune and after I haven't any what I're doing after that. After some time someone says me to contact a training institute in Delhi. After I'm so happy to contact SLA Consultants India that gave me a best trainee class in HR for delhi best tutors. And I're suggest you to visit http://www.slaconsultantsindia.com/ if you'd like see you on my position as a manager of such a best company.
If you'd like that to visit there for more info.: http://goo.gl/acJlUY
Thanks & Regards
Arshad Khan
HR Manager at Mituj Marketing
It seems that the company suspects that you had indulged in a fraudulent act. The company may initiate a criminal proceedings against you simultaneously taking disciplinary action already in progress. You may think of approaching a legal expert for better advise as to whether you can proceed for an amicable settlement with the company by compensating the damage caused by you either wholly or partly. Further, it seems that you had indirectly admitted that something was happened behind the screen in this dealings. Try to settle the issue so that no harm be caused on either side. Think of the same and act diplomatically.
Dear sridharan,
I have no idea as to what happened behind the scenes. The borrower is absconding and has sold the equipment to someone else and their might have been some documentation lapses since they don't even have the insurance policy for the machine. The borrower claimed his house to be self owned but now they have found out that it was rented and still they have not questioned their operation team and these things are not even mentioned in the audit report. Audit report just contain one issue that the machine was overpriced and the dealer is fraud. The dealer is a renowned one and works with many big financial company. As per my lawyer they don't have any case against me and they have not even followed any procedure. According to my lawyer I also had no employer employee relationship with the parent company at the time of sanction.
Mr. Ankit,

So far as justification of your suspension is concerned, that can be confirmed or denied only after you mention what the excat market price of the machinery is, what the invoice of the machinery in question shows, what is the exact objection of the audit, whether only you were involved in approval of the loan or some other functionaries were also involved in the transation? So, your question is quite vague in that respect.

About your assumption about suspension till eternity, that is also exxaggeration on your part. No suspension goes up to eternity, more so, when the management has clearly mentioned, "till the account mentioned in the show cause is resolved or settled."

So, it is not understood, what is the hitch for you in ascertaining the market value by yourself and getting 3-4 cost estimates of the machinery from the open market and make the issue clear with the company and the audit? If you have been suspended on that specific ground, you should rather have acted with speed to clear that issue.

So far as your selection in other company is concerned, if you join the other company, until you get officially relieved from the present company, your case would become that of double employment for which you can be subjected for disciplinary action, not only by the present company, but also by the new company for concealing the facts from the employers.
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