Around 50 per cent employees of the Sai Infosystems Ltd are waiting for their dues pertaining to the past 10 months even as their CMD Sunil Kakkad is absconding. Of the 1,400 employees,around 700 have not managed to get jobs as yet. At a press meet on Tuesday,SIS employees said that they will submit a petition at the High Court within three weeks in this regard.
The employees had lodged an FIR on September 3. Currently,an FIR has been registered with the Vastrapur police station and investigations are on. But the lax attitude of banks and the bureaucracy,despite appeals by the employees,is appalling. Despite showing a profit Rs 140 crore on its balance sheet,the companys operations came to a standstill within three months of the fiscal year. The companys net profit was shown to have grown by 113 per cent,while the net worth was more than Rs 400 crore even as salaries and statuary allowances of its employees had not been paid since 10 months. Sunil Kakkad had built an IT empire on paper, said V J Dave,advocate for SIS employees.
According to finances of the company,made public by the SIS employees at the conference,the pending salaries from last September to June this year amounts to Rs 21 crore,while the full and final settlements of employees who have resigned is Rs 2.50 lakh. Between January and June this year,the provident fund dues of employees is Rs 64 lakh,Employees State Insurance Corporation dues is Rs 26 lakh,and TDS (tax deducted at source) dues Rs 2.12 crore. Income-tax recovery from the firm is estimated at Rs 28 crore while sales tax dues are pegged at Rs 39 crore.