CAN ANYONE SUGGEST ME HOW TO MAKE IMMEDIATE RESIGNATION FORM FOR EMPLOYEES BECAUSE OF COMPANY SPLITING IN TWO PARTS AND OTHER COMPANY TAKE OVER ONE PART. (in this case its immediate resign. from current Co. and immediate joining in new Co.)
Regards
Neha Sharma
From India, Delhi
2Regards
Neha Sharma
From India, Delhi
Dear Neha
In case of spliting and selling the company, there will be a clause of selling the company with its staff. You cannot demand any resignation. The final benefits of the employee accumulated with the present employer will be transferred to the new company and the service of the employee will be continuing, and the new company will have to bear the cost of their final benefits also. The old company will have to settle the benefits to their employees who are willing to leave the company. Here instead of resignation, it will be considered as retrenchment due to change in ownership of the company.
From India, Kumbakonam
In case of spliting and selling the company, there will be a clause of selling the company with its staff. You cannot demand any resignation. The final benefits of the employee accumulated with the present employer will be transferred to the new company and the service of the employee will be continuing, and the new company will have to bear the cost of their final benefits also. The old company will have to settle the benefits to their employees who are willing to leave the company. Here instead of resignation, it will be considered as retrenchment due to change in ownership of the company.
From India, Kumbakonam
Dear Friend,
We also faced the same problem, when our company got split in to 3 different companies in 2008. Every company head had different thought of action for splitting employees, since many employees were common for the first company like Finance, HR, Accounts, Admin, Office peons, etc. Hence we discussed & deliberated with all new Heads to take it further. In 2 companies we have given appointment letter first to employees & immediately on next page taken their sign on resignation letter - just to assure that their services remain intact. In 3 company we have transferred their services new division with transfer letter. So, you just discuss this issue first with new Head of companies & decide best course of action without creating unrest in employees. Hope it is useful.
Shailendra Deshpande
From India, Pune
We also faced the same problem, when our company got split in to 3 different companies in 2008. Every company head had different thought of action for splitting employees, since many employees were common for the first company like Finance, HR, Accounts, Admin, Office peons, etc. Hence we discussed & deliberated with all new Heads to take it further. In 2 companies we have given appointment letter first to employees & immediately on next page taken their sign on resignation letter - just to assure that their services remain intact. In 3 company we have transferred their services new division with transfer letter. So, you just discuss this issue first with new Head of companies & decide best course of action without creating unrest in employees. Hope it is useful.
Shailendra Deshpande
From India, Pune
If there are no conflicting terms of employment , as far as employees are concerned, this is just a matter of couple of letters/orders.
However, definitely there could be queries on statutory part
If the companies are two legal entities and one if cease to exist, transfer may not be so simple
Would suggest to consult company secretary immediately and please don't wait for expert opinion from this forum
1. EPF/ESI
2. What about gratuity payment - are you going to pay for existing company service?
3. What happen to Annual Leave Balance?
From India, Bangalore
However, definitely there could be queries on statutory part
If the companies are two legal entities and one if cease to exist, transfer may not be so simple
Would suggest to consult company secretary immediately and please don't wait for expert opinion from this forum
1. EPF/ESI
2. What about gratuity payment - are you going to pay for existing company service?
3. What happen to Annual Leave Balance?
From India, Bangalore
THANX All but can anyone suggest me the common form type of format of resignation letter. So that we can distribute and take the signature on the same from all the employees.
From India, Delhi
From India, Delhi
Hi Friends,
Yes I agree with Mr. Consultme. The point which I forgot to mention is about statutary compliances. In any case the EPF code will be changed. I don't know about ESI, since our company salaries were over & above ESI limits. Since gratuity trust was with LIC only, we have shown closure of first company & transfer of funds to existing gratuity account with past benefit. Same applied for annual leave balance. (But do refer CS as recommeneded by MR. Consultme).
Folowing is common format we have used for resignation: -
Date : April 01, 2013
To : Name of HOD
His/Her Designation
SUB.: RESIGNATION
Dear Sir,
I undersigned would like to resign from (name of exsiting company)., w.e.f. March 31, 2013 for better Prospects. Kindly accept my Resignation and Relieve me with immediate effect.
Yours truly,
EMP_NAME
EMP_DSGN
Hope it serves the purpose.
Shailendra Deshpande
From India, Pune
Yes I agree with Mr. Consultme. The point which I forgot to mention is about statutary compliances. In any case the EPF code will be changed. I don't know about ESI, since our company salaries were over & above ESI limits. Since gratuity trust was with LIC only, we have shown closure of first company & transfer of funds to existing gratuity account with past benefit. Same applied for annual leave balance. (But do refer CS as recommeneded by MR. Consultme).
Folowing is common format we have used for resignation: -
Date : April 01, 2013
To : Name of HOD
His/Her Designation
SUB.: RESIGNATION
Dear Sir,
I undersigned would like to resign from (name of exsiting company)., w.e.f. March 31, 2013 for better Prospects. Kindly accept my Resignation and Relieve me with immediate effect.
Yours truly,
EMP_NAME
EMP_DSGN
Hope it serves the purpose.
Shailendra Deshpande
From India, Pune
Dear Neha
Please be noted that in your organizations case its not necessary for requesting all the employees resign and take fresh appointment.
As per the general terms of Aquisition or takeover of any organisation - note that the management is changing but not the actvities and employees.
As how the existing infrastructure, shares were transferred employees those who are interested in retaining with the new managment shall be allowed to stay - No need of Resignation for them.
Only you need to take an fresh acceptance of continuation of working under the new management.
This is followed in to retain the employee benefits and their exp., PF, gratuity, bonus and other. Those who are willing their rolls shall be continued as previous and they all are taken over by the current management as how property and shares were taken over.
You are requested to get reconfirmation with your superior on why resignation is requested.
regards
Aktapisum
From India, Hyderabad
Please be noted that in your organizations case its not necessary for requesting all the employees resign and take fresh appointment.
As per the general terms of Aquisition or takeover of any organisation - note that the management is changing but not the actvities and employees.
As how the existing infrastructure, shares were transferred employees those who are interested in retaining with the new managment shall be allowed to stay - No need of Resignation for them.
Only you need to take an fresh acceptance of continuation of working under the new management.
This is followed in to retain the employee benefits and their exp., PF, gratuity, bonus and other. Those who are willing their rolls shall be continued as previous and they all are taken over by the current management as how property and shares were taken over.
You are requested to get reconfirmation with your superior on why resignation is requested.
regards
Aktapisum
From India, Hyderabad
Dear Ms Neha Sharma,
Your description of the episode of split of the existing company into two and the take-over of one part by another company is hazy.What is the basic criterion for the split?By operations? or unit-wise? Anyway,what is the substance of the clause relating to the terminal benefits for the period of service rendered by the workmen under the vendor mentioned in the sale deed? If the take-over is a comprehensive one including all assets both material and human and all liabilities monetary and legal by the buyer, no necessity for resignation by the workmen. Otherwise, the vendor has to pay retrenchment compensation and gratuity for the service rendered till the date of take over.Then, the service under the Buyer will be a fresh one. If not, transfer the total amount equivalent to gratuity from the sale proceeds to the Buyer's a/c in which case no necessity of resignation.But a specific clause will have to be in the sale deed that the existing rights n benefits enjoyed by the workmen under the Vendor will not be altered to their disadvantage by the Buyer.I am in complete agreement with the views of Mr.Bhaskar. Chances for lots of legal problems both to the vendor company and the buyer company are there.Please tread carefully!
From India, Salem
Your description of the episode of split of the existing company into two and the take-over of one part by another company is hazy.What is the basic criterion for the split?By operations? or unit-wise? Anyway,what is the substance of the clause relating to the terminal benefits for the period of service rendered by the workmen under the vendor mentioned in the sale deed? If the take-over is a comprehensive one including all assets both material and human and all liabilities monetary and legal by the buyer, no necessity for resignation by the workmen. Otherwise, the vendor has to pay retrenchment compensation and gratuity for the service rendered till the date of take over.Then, the service under the Buyer will be a fresh one. If not, transfer the total amount equivalent to gratuity from the sale proceeds to the Buyer's a/c in which case no necessity of resignation.But a specific clause will have to be in the sale deed that the existing rights n benefits enjoyed by the workmen under the Vendor will not be altered to their disadvantage by the Buyer.I am in complete agreement with the views of Mr.Bhaskar. Chances for lots of legal problems both to the vendor company and the buyer company are there.Please tread carefully!
From India, Salem
Dear Neha
In case of amalgamation (takeover) the existing employees should be given option whether to continue with New Company or to quit. If they want to quit they should be given retrenchment benifits. The camouflaging action of resignation is uncalled for.
The question is how to have distribution of employee because in your case there are two parts and one part is being amalgamated. This will depended on the Deal which may be product wise, plant wise, unit wise or geography wise.
Regards
Shailesh Parikh
Vadodara, Gujarat
99 98 97 10 65
From India, Mumbai
In case of amalgamation (takeover) the existing employees should be given option whether to continue with New Company or to quit. If they want to quit they should be given retrenchment benifits. The camouflaging action of resignation is uncalled for.
The question is how to have distribution of employee because in your case there are two parts and one part is being amalgamated. This will depended on the Deal which may be product wise, plant wise, unit wise or geography wise.
Regards
Shailesh Parikh
Vadodara, Gujarat
99 98 97 10 65
From India, Mumbai
Dear Neha & other contributors,
The story behind this split up should be different than what many might think. More so the 'Resignation' route. Subject to the fact behind the sceme still not known, this resignation route appears to be a ploy to deny all the mass the continuity of service, and other related benefits F & F settlement (interim). Literally there appear no assurance either on continuity of service or vice part final settlement. What if there is no continuity of service and the losses to employees being taken over not compensated in one form or other. There is no clarification on this issue raised by our many friends. Format is nothing to do, not a big matter. It could be as simple as " Please accept my resignation with immediate effect" Because the reason - every body know. The suggested formats also places onus entirely on everyone concerned. The sum and substance and consequences of such formats should be well thought of. On the positive side, back to back appointment letter & resignation letter, mean only a fresh employment in a new firm with fresh conditions. Setting the clock backwards, start counting from day one onwards. One should be conscious about the consequences before hand.
kumar.s.
From India, Bangalore
The story behind this split up should be different than what many might think. More so the 'Resignation' route. Subject to the fact behind the sceme still not known, this resignation route appears to be a ploy to deny all the mass the continuity of service, and other related benefits F & F settlement (interim). Literally there appear no assurance either on continuity of service or vice part final settlement. What if there is no continuity of service and the losses to employees being taken over not compensated in one form or other. There is no clarification on this issue raised by our many friends. Format is nothing to do, not a big matter. It could be as simple as " Please accept my resignation with immediate effect" Because the reason - every body know. The suggested formats also places onus entirely on everyone concerned. The sum and substance and consequences of such formats should be well thought of. On the positive side, back to back appointment letter & resignation letter, mean only a fresh employment in a new firm with fresh conditions. Setting the clock backwards, start counting from day one onwards. One should be conscious about the consequences before hand.
kumar.s.
From India, Bangalore
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