No this is not legally tenable.
Payment of wages act specifies that payment of salary or wages must be for a wage period. Wage period can not exceed a month. Further that wages for the wage period should be paid by the 7th of the next month (10th for large units with more than 1000 workmen.
So, holding wages beyond the month is illegal.
Further, wages for the remaining period must be disbursed within 2 days from the last working day, and remaining payment must be made within 1 month from the last working day.
Where the wages are above ₹18,000 the employee is not covered under payment of wages act, and the above rules do no apply as such. However, in general, this rule applies on grounds of equity. In case of a complaint, the courts could very well impose such a rule is valid