It is often seen that top management of the private banks and/or non-bank financial institutions (NBFIs) dismiss, terminate, remove or release their Managing Directors (MDs)/Chief Executive Officers (CEOs) at will. It is open to the employees including the MDs/CEOs in the service of the republic or of any statutory public authority to make applications before the Administrative Tribunal established under the Administrative Tribunals Act, 1980. As per section 4 of the said Act, applications before the said tribunal can only be made by persons in the service of the republic or of any statutory public authority. So, as per the provision of the said section, MDs/CEOs of the private banks and NBFIs cannot seek the assistance or intervention of the said tribunal against their dismissal, removal, release and termination. Now, the question arises, whether there is any protection for the employees working in private sectors? READ MORE
