How To Recover Company Assets And Money From Employee?

I am the director of a small company, one of a person who I knew through one of my acquaintance requested me for employment in my company as per him, he was going through a bad phase and in desperate need for one. seeing his need I agreed and offered him a job at a monthly salary of Rs.18000/-. He worked in my company for approximately 22 months. During the period of his employment with us, he took an advance payment on many occasions on the pretext of one or other emergencies, for which we never did any paperwork. He also supplied materials to his known people during the same period and collect payments from them which he did not deposit in the company. Since our company is small and we do not have domain-specific employees obviously our accounts were not in order, therefore, the accumulated advance and missing payments were overlooked. One day the said employee informed that he will not continue with us in the job and requested to allow him to use the company's bike and other assets like Tablet and Mobile phone for 7~10 days, as during the period he will arrange for his own bike and Phone. I called him after 10 days, in the meanwhile I had updated all the bank entries of the money which were transferred to him, On followup, he turned up and accounts were discussed I handed him the ledger and asked him the reconcile it with his bank entries. At that moment he again requested to allow for some more days to use the company's assets which I accepted with reluctance. days passed but he did not respond with the reconciliation of ledger and then I received an email from him in which he demanded money from us. though he accepted the assets in his custody, he refused to return the company's assets until we pay him the amount demanded by him. we exchanged several emails on this matter but could not reach a settlement. Then I took service of a lawyer an assigned him to talk on our behalf and also persuade him to return the company's assets. Later I was informed by my lawyer that after their meeting he did not allow him the take back the bike which belonged to the company, he refused to return the documents of the bike. in the meanwhile, he also filed a complaint with the Labour Commissioner alleging he was terminated from the job without notice and claimed compensation with the outstanding amount. We have submitted the ledger statement with the labour commissioner and requested him to quash his appeal. We need to understand our options for recovery of the amount and company's assets which is due to him.

Answer (1)

Team Legistify

  • Sector-1, Noida

You can first send him a legal notice to recover the company assets and information. If he fails to return them back or send a reply, you can file a case for theft against him. Hire a business lawyer in India to handle the matter for you.

Answered on 20 Oct 2019


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