Sir i'm an executive working in a major PSU for 4.5 years. My bond contract period will be over on august 2016. I intend to start my own business very soon while working full time here. will there be any complications? and how to mitigate those.i haven't found anything concrete in companys's CDA rules for executives regarding this.
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1. It appears that you have given a bond and entered in to a contract with the said PSU,
2.What had been mentioned in the said contract? Has it been mentioned that you shall have to pay the bond amount in case you leave the Company?
3. If yes, then either you shall have to wait till the Bond period is over or shall have to be prepared to pay the Bond amount in case of your leaving the Company before the Bond period is over.
ok understood, but my concern is how can i run my business and working in the PSU all at the same time. what are the legal compliances needed to be followed?? Can the company take any action against me? how to avoid it?
1) you cannot during your course of employment with PSU carry on any other business
2) it would amount to misconduct and attract disciplinary proceedings against you
3) you may even be dismissed from service
1) no company will grant you permission to work for an organisation and simultaneously do your own business
2) your wife can carry on business in her own name
3) you should not have any designation in the company nor be a signatory for any cheques issued by the company
1. As per the service conduct rule of the PSU you are still working with, you can not have any other gainful engagement in addition to your said employment,
2. If you engage yourself in any other business while working with the said PSU, then it will be an illegal act on your part as per the service conduct rule of the OSU,
3. If the said PSU can gather evidence that you are in a business during your Bond period i.e. your employment, then they may suspend you while initiating disciplinary actin against you i.e. by issuing charge sheet, conducting enquiry and finally by terminating you from your service.
What is the nature of business? A public servant cannot engage in part-time job or any other business. It is a clear provision in Conduct Rules. There are few exceptions for ex.certain State Government doctors can practice outside office hours with permission from department, provided he is not drawing non-practicing allowance. PSU employees can take up non-profit position in a non-profit organization with the prior written approval of the employer/department concern.
