Breach of trust, fudging or hiding of factual information is seen from what you mention in the post.
Take out all documents concerning his employment held with you-application,confidentialty disclosures etc
Then down load info from ROC website and then you will get a full idea of his act.
After that you can decide action to be taken after hearing and recording what the employee has to say in his support.
There is a further complication in this problem.
The legal in charge of my company has stated that since the employee is the MD in another company and hid these facts during the course of his employment or before seeking employment his employment is null void as per the terms of his appointment letter.
Our appointment letter states that one cannot have concurrent employment.
Now the legal in charge is asking us in HR to terminate him and recover the salary paid to him all this duration as his contract of employment is null and void. This I have told the legal person would be incorrect as we have paid him for the tasks done. If not then can be claim damages from such an employee for not disclosing that he was already a MD of a company.
The employee in question has refused out-rightly and has threatened to sue the company for this where he will drag the HR function primarily.
We in HR are quite perplexed as to what is the right course of action to be followed.