Bombay High Court has admitted a petition filed by A Sebastin, former assistant
vice president of National Stock Exchange (NSE), alleging harassment by the
Sebastin, who claims to have voluntarily retired from NSE in last October, has
challenged NSE's action of terminating his service in April this year. Division
bench led by Justices Bilal Nazki admitted the petition, which will come up for
hearing in due course.
According to a PTI report, Sebastin claims that he was harassed at the behest
of managing director of NSE Ravi Narain and deputy managing director Chitra
Ramkrishna for suggesting 'measures for improvement in risk management
framework' while he was working at National Securities Clearing Corp Ltd, on
"The High Court took a strong view on the termination notice issued by NSE in
April, when it had already accepted the resignation of Sebastin and relived him
from duties in November 2008," said Sanjay Dhulapkar, counsel for Sebastin.
Sebastin has also filed a defamation case against NSE and its managing director
Ravi Narain in the Mumbai Metropolitan Court over alleged character
assassination. The Court has issued summons to NSE officials asking them to be
present on 16th July, during the next hearing of the case, Dhulapkar said.
On 6th April, the NSE issued a ’public notice‘ in all leading business
newspapers with the employee’s photograph announcing that anyone dealing
with the “said Mr. A Sebastin” would do so at their own risk.
Normally, such notices are published only if an employee is guilty of financial
fraud or a serious betrayal of trust. However, there is no such mention.
Instead, the NSE issued a clarification responding to media queries saying that
Sebastin’s “services were terminated” because he ”had not met the
company’s requirements.” It also indicated, without being specific, that
the employee had failed to complete “severance” formalities.
Sebastin, however, has evidence of a formal handover of charge, an exit
interview and an email assurance that he would be relieved. He says that the
public notice was issued after he sent a legal notice to the NSE on 4th April
demanding severance benefits like Provident Fund (PF) and gratuity.
Holding back PF is not legal, so the NSE reportedly credited his PF account
immediately after he served the legal notice but simultaneously issued him a
termination letter followed by the public notice, almost six months after he
had quit the Exchange.
When we published the case under the title of "Vindicative Action?" on our
website www.suchetadalal.com, it received, so far, 26 comments from readers.
One reader Golak said: "NSE should try to find out why NSE ex-employees are
willing to join MCX-SX and sort out the problems rather than take this kind of
vindictive action. As an organization, it has failed to come out of whims of
few people who run the exchange at their own sweet terms."
Another reader Satish Swaminathan commented,"If there is attrition, then the HR
should be pulled up for explanations and probably try to get to the root cause
and address it. I am also failing to understand, how NSE is proposing to beat
its competition by stopping people and being vindictive when they join a
competing firm." -Yogesh Sapkale [email protected]