Some companies ask employee to resign & pay off 'gratuity' even if employee has not completed 5 years of service & take her / him on rolls of new company. But in such case employee stands to lose as again he will have to complete 5 years of service in new company to be able to claim gratuity. Hope you understand what i am saying.
This will ensure, that the employees are not losing on any count, just because of a buy out or carve out.
I would like to know to the procedure to be followed for transferring these 4 employees to sister private limited company.
What kind of documentation or letters we need to provide for employees ?
In case any employee still serving under 1year service agreement with active bond. Do we need to prepare new service agreement in the sister private limited company name ?
If Yes on above query, What would be his/her service period should be considered in service agreement under service bond ?