'Company' is a generic term. As an entity comprising of paid employees, it can be anything like an establishment, shop, factory, warehouse or hotel falling under certain establishment-specific labor law or the other. Leave provisions in such laws vary in respect of type and scale.
Therefore, a leave policy should be devised in tune with the provisions of the particular establishment-specific labor law. Of course, your policy may contain more beneficial terms and conditions in this regard but should not fall short of the statutory minimum standards. In addition, the leave policy should state maximum leave that can be availed of in a single stretch, combination of different kinds of leave, encashment of unavailed leave and other similar matters.