The National Stock Exchange (NSE) has been dragged to court for alleged non-payment of interest on gratuity within the stipulated time period. The court has already issued summons against NSE’s Managing Director Ravi Narain to appear in person on October 27.
The case has been filed in the Chief Metropolitan Magistrate’s court by Labour Enforcement Officer (Central) P S Karmase, who inspected the exchange’s books in June 2009. He found that NSE had not paid interest on payment of gratuity to 105 ex-employees within the time limit of 30 days from the date it became payable, according to Section 7 (3) of the Payment of Gratuity Act, 1972. The interest on the delayed payment amounts to a little over Rs 3 lakh.
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