Withholding of Relieving Letter Due to Serious Misconduct
In the case of serious misconduct, the company can withhold the relieving letter. Normally, when an employee completes the required notice period, they will be relieved and a letter issued. However, when there is disciplinary action, the relieving becomes a formality only, pending an inquiry. In your case, since you were found to have been involved in an offense, such as dereliction of duty, your relieving letter can be put on hold until the inquiry is ongoing. However, the bank management dismissed you without conducting an inquiry, which can be challenged. Suppose the bank had issued a relieving letter, and it mentioned that you have been dismissed; what value would the letter add to your career? Therefore, the relieving letter has no significance as long as the termination is challenged and it is proven that you were innocent. Then they will have to change the status from 'dismissed' to 'resigned.'
Legal Recourse and Court Proceedings
Since the matter has been referred to the Labour Court, you will have to wait. If you were not given opportunities to prove your innocence other than a show-cause notice, the court will remand it back to the labor officer and direct them to see whether the procedures required before an employee is terminated were followed. During this process, the bank may settle the issue by changing the status. Wait for that.