Dear Vinod Kumar,
For senior position i.e employees going out of the ambit of the definition of the term " workman" u/s 2(s) of the ID Act,1947, strictly speaking, "leave" is one among the service conditions determined in the contract of employment. Instead of having it incorporated individually in the contract of employment or the letter of appointment, Companies do have separate Service Regulations for such cadre in which leave would also be a subject-matter and there would be a mention accordingly thereof. If there is such a provision for encashment of unavailed portion of leave in the Service Regulations or specific Leave Rules, it should be sanctioned; otherwise not.