Court summons NSE MD for breach of Payment of Gratuity Act
Press Trust of India / Mumbai Sep 08, 2010, 22:16 IST
A local court has summoned National Stock Exchange (NSE) Managing Director Ravi Narain in a case of alleged breach of provisions of the Payment of Gratuity Act.
The summons was issued by a magistrate of the Andheri court, who was hearing a complaint filed by Labour Enforcement Officer P S Karmase, who is also an inspector under the Payment of Gratuity Act.
The complainant said he had inspected the NSE premises at Bandra Kurla Complex in June this year and found the accused had failed to pay interest on delayed payment of gratuity to 105 former employees within 30 days from the date it became payable.
The labour enforcement officer further alleged that the NSE MD had also failed to intimate details about the mode of payment of gratuity to the controlling authority.
A show cause notice was issued to the accused to which he replied, but the answer was not satisfactory. Hence, the complainant sought sanction from the Union Ministry of labour to prosecute the accused, the court was told.
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