Hello Bharathi Maru,
I am not sure I get why it's still not clear.
Pl explain the ACTUAL scenario/case you have @ hand. That will enable everyone who wants to give suggestions to suggest in a focused way.
Also, pl confirm if you are from the HR trying to handle an issue OR the aggrieved party OR want the 'complete policy' to formulate your company policy?
Also, pl checkout the Offer/Appointment Letter & confirm if there are any clause(s) that give the meaning that I mentioned earlier.
But, in general, a lot depends on "WHY" the waiver is being given, since finally such an act shouldn't end-up as a precedence for future misuse. Once the 'why' is ensured [that it's for a very genuine & valid reason, from the OVERALL perspective & not just for the company's interest], it also depends on "HOW" the waiver is being given--this is where the appropriate clause in the Offer/Appointment Letter comes into picture.
Hope you get the picture. Pl mention the points raised & then you can get a more pointed response form everyone, Bhaskar & me included.
Rgds,
TS