Umakanthan53
Labour Law & Hr Consultant
Sharan1856
Supervisor

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Sir i have heard that if a company is wholly taken over a small part of the money is shared with the employees as a measure of loyalty perhaps it may be just a rumour.
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Dear Sharan,
I think this question is a modified version of your previous question in the thread entitled " Take over of a company - should the employees ask for Good will? ". It can not be a statutory obligation on the part of the previous employer. If the take over does not signify a distress sale out of a hostile take over, well, such a move by the previous employer, either voluntary or at the request of the employees would be an indication of his magnanimity as well as long run cordial employer-employee relationship in the past.
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