Date: 30 April 2025
Ref No. 1001/42272/1843072
Ms. Stuti Joshi
A/1202, Dheeraj Hill View Tower
Siddharth Nagar, Borivali East
Mumbai, Maharashtra- 400066
Dear Stuti,
Subsequent to your application & interviews we are pleased to offer you appointment in our Company, as Management Trainee
Sales in grade L7-Operational, Head Office-Pune, Automotive Sector, Mumbai.
This offer of appointment is subject to you satisfying the following requisites:
1. Written undertaking to join, not later than 02 June 2025.
2. Certification of medical fitness by way of self-declaration, or certification of your medical fitness by the Company
authorised doctor, as intimated to you and
3. Submission of all certificates and documents in respect of educational and professional qualifications, proof of age and
previous employment, as per the requirements of the Company.
Your appointment will commence from the date on which you join the Company. Joining Note to that effect will be issued to you.
The terms and conditions of employment shall be as under -
1. You will receive emoluments / allowances as per the attached Annexure.
2. Gratuity, Provident Fund and Superannuation, as per the prevailing policies of the Company. You will superannuate
on completion of 60 years of age. (On the basis of the documents submitted by you, we have recorded your date of birth
as 01 April 1998).
3. With effect from the date of your employment, you are required to become a member of the Company Exempted
Provident Fund or RPFC as applicable.
4. Transferability -
The Company may from time to time, station you on deputation, lend or transfer your services to any of its Departments,
Affiliates, Subsidiaries or Associate Companies in any other location in India/abroad. Consequent to such transfers, you
will be governed by terms and conditions as applicable at the place of posting.
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5. Probation, Confirmation and Termination -
i. Probation -
You have no probation period.
ii. Confirmation -
You shall be deemed to have been confirmed in the service of the Company, with effect from the date of the
commencement of your employment, without any probationary period.
a. You will be entitled to Leave, as per the rules applicable from time to time;
b. You will not be entitled to adjust your notice period against privilege leave, if any, available in your credit.
c. On resignation from the services of company in respect of employees who join after April and cannot work for full
12 months , pro-rata Performance Pay of first year of appraisal will only be paid if one is on rolls of company on 1st
August of next year when Performance Pay payment is being made. After the first year, Performance Pay will only
be paid if one has rendered complete period of 12 months from 1st of April of a year to 31st March of following year
both dates inclusive.
iii. Termination -
a. The Company will be at liberty to terminate your services with three months’ notice or by paying you three months’
salary, including allowances, in lieu of notice. In the event the Company decides to pay you three months’ salary in
lieu of notice, the Company will be at liberty to call upon you not to take up any alternate employment for the period
of three months.
b. The Company will also be at liberty to call upon you not to report for work, though you would be on the rolls of the
Company for the said period and you would be paid your salary as per your contract, as if you were on duty.
c. In the event you choose to resign from the services of the Company, you will be required to serve for the period of
notice of three months. The Company, however, will be at liberty to call upon you not to report for work or even take
up any alternate employment during this period, which will be at the sole discretion of the Company. The Company
will also be at liberty to pay you three months’ notice wages in lieu of notice. However, it will be impermissible for
you to waive the shortfall in the notice period by buying the said shortfall period in lieu thereof except with written
permission.
d. Furthermore, you will not be entitled to either avail or adjust privileged leave (if applicable) in your account against
the notice period.
In the following cases, this contract may be terminated forthwith without assigning any reason thereto by the
Company –
i. The employee is found guilty of misconduct.
ii. The employee violates terms and conditions stipulated in the Company Code of Conduct.
iii. The employee violates prevailing policies and procedures of the company.
iv. The employee is found under the influence of alcohol or any other intoxicant at work place.
v. The employee is held guilty and convicted of offences involving moral turpitude by any competent Court.
vi. If any information provided by employee in employee’s CV is found to be incorrect.
6. Confidentiality -
So long as you are in the employment of the Company, you will, at all times, observe secrecy and confidentiality and will
not divulge, disclose or make known to any unauthorised person within or outside the Company, nor will you
unauthorisedly use any knowledge or information in respect of manufacturing, technical trade or business data
(including manufacturing processes, technical know-how, customer information, business plans and like matters) which
are necessarily confidential and have come to your knowledge and possession. You will also not remove any such
information in any form whatsoever from the Company premises, nor copy or transmit the same unauthorisedly through
any medium including social networking networks/ public sites, nor will you grant permission to assist, permit entry
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to, or in any manner co-operate with any unauthorised person for the purposes of accessing, obtaining, copying, transmitting
or removing the above. Even after the cessation of your employment with the Company, you will not use, divulge, disclose or
remove in any manner whatsoever confidential information of the type described above of which you were in possession
whilst in service to the detriment of the Company. You will also observe all the confidentiality measures which are in
existence, or which may be enforced from time to time, as well as directions as to confidentiality marked on any
communication, document, computer floppy etc. You shall indemnify and hold Company harmless and indemnified against
any damage or loss caused to the Company on account of breach of confidentiality on your part. These confidentiality
provisions shall survive the separation of your employment with the Company, either by way of retirement or termination or
otherwise.
7. Conflict of Interest -
In addition to the requirements of secrecy and confidentiality, as specified hereinabove, you shall not engage in any
vocation, training, employment, consultancy, business, transaction, or any other activity, which is in conflict with the
interests of the Company, in any capacity whatsoever either on your own or in association with any other
individual/firm/institute/body corporate, etc either part time or full time on a paid basis. You will devote your full attention
exclusively to the duties entrusted to you from time to time by the Company and while in service of this Company you
will not work for any person or Company in any capacity either for any consideration or otherwise, nor do any private
business without obtaining prior permission of the Company in writing.
8. Intellectual Property Rights (IPR) -
You will assign to the Company your entire right, title and interest in any Intellectual Property Rights (IPRs for short,
which term would include patents, trade-marks, copyrights, designs, whether registered or not, and all improvements
thereto) that you may make, solely or jointly with others, in the course of your employment with the Company relating to
any or all systems, services and products manufactured or marketed or leased or developed. You will perform all
necessary acts and execute such documents in such format as may be required by the Company, without expense to
you, which in the judgment of the Company or its Attorneys may be necessary or desirable to secure to the Company
full right title and interest in the IPRs.
9. Right to Access -
The Company shall, at all times, have the right to access and monitor all e-mails created, sent / received or stored by
you using Company facility and on Company’s system at any time without giving you any prior notification. All such data
and information shall at all times remain the property of the Company.
10. Reputation of the Company -
You shall endeavor to uphold the good image of the Company and shall not by your conduct adversely affect the
reputation of the Company and bring disrepute to the Company, in any manner whatsoever.
11. Return of Company property -
You shall, on ceasing to be the employee of the Company, forthwith return all Company properties, movable and
immovable, including, without limitation, all Company information, files, reports, memoranda, software, credit cards, door
and file keys, computer access codes and such other property which you received or in possession or prepared in
connection with your employment with the Company.
12. Recovery of expenses -
Any joining expenses including relocation expenses reimbursed by the Company will be recovered in the event you
leave the organization before completion of two years of joining.
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13. Rules and Regulations of the Company -
You will be subject to the Code of Conduct of the Company and all other rules, regulations and policies of the Company
as applicable from time to time. Adherence to the same is non-negotiable and by accepting this appointment you
undertake to abide by the Code of Conduct and other policies, rules and regulations at all times during your
employment with the Company. Any violation can have serious consequences and may lead to the termination of your
Employment by the Company.
In case it is deemed necessary for the purposes of any ongoing investigation / inquiry, you may be asked to submit:
(a) Your personal data / information including bank account transactions and call records. Failure to cooperate or share
the requisite data / information may lead to inference of guilt / wrongdoing. Any violation of this clause will be viewed
strictly and may lead to termination of your employment.
(b) Bank account/ call records/ other personal data of your family member/s. In case you choose to share such data /
information, you will be required to obtain necessary consent from the concerned family member/s at the time of sharing
such data / information.
Any data / information as above shared by you will be properly secured and accessed only by authorized persons on
need-to-know basis and used solely for purpose for which it is obtained.
14. Government Laws and Regulations -
You will be subjected to all Government Laws and Regulations in force from time to time. All payments to you shall be
subject to deduction of tax, at applicable rate at source.
15. Jurisdiction -
Courts in Mumbai shall have exclusive jurisdiction to hear, try and finally decide disputes arising out of this contract.
16. Acceptance & Acknowledgment -
Please return the duplicate of this letter and the duplicate copy of the Code of Conduct, duly signed, in token of your
acceptance of the above-mentioned terms and conditions of the employment, having read the attached Code of
Conduct and on joining you will abide by its prescriptive principles.
We wish you a long and fruitful career with us.
With Regards,
Yours Sincerely,
For Mahindra & Mahindra Ltd
Kripa Shetty
CHRO – Aerospace, Defence, MTBD & CE
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I accept the terms and conditions of this offer of appointment and will be joining on 02 June 2025.
If the above conditions are not satisfied/fulfilled on or before 02 June 2025, this offer letter of appointment shall be cancelled and
shall be deemed as null and void.
Accepted: __________________
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Ms. Stuti Joshi
A/1202, Dheeraj Hill View Tower
Siddharth Nagar, Borivali East
Mumbai, Maharashtra- 400066
Dear Stuti,
With reference to our enclosed letter of appointment dated 30 April 2025 and your subsequent acceptance of the same, we
request you to kindly get the below mentioned documents on the first day of your joining:
Release Letter from your current employer
Proof of prior work experience
Proof of Date of Birth (School leaving certificate / Passport)
Certificates supporting Academic and Professional qualifications
Two Passport size photographs
One blank "Cancelled" Cheque for Electronic Clearance of Salary.
Copy of Aadhar Card
Copy of Marriage Certificate (if applicable)
In case of relocation, you would need to follow the process as per Company rules.
Kindly get the Original Certificates for verification.
Yours faithfully,
For Mahindra & Mahindra Ltd
Kripa Shetty
CHRO – Aerospace, Defence, MTBD & CE
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ANNEXURE
NAME: Ms. Stuti Joshi CTC: 1,400,000.00 BUSINESS: Truck & Buses
LOCATION: Mumbai GRADE: L7-Operational
ANNUAL MONTHLY
Basic 16,800.00 1,400.00
Ad-hoc Pay 578,640.00 48,220.00
PF Base (A) 595,440.00 49,620.00
PF 71,453.00
Gratuity* 33,106.00
Superannuation** 0.00 0.00
PF+Gratuity+Superannuation (B) 104,559.00
Flexi Pay # (C) 524,001.00 43,667.00
Bonus / Exgratia ## (D) 36,000.00 3,000.00
TOTAL FIXED PAY (A+B+C+D) 1,260,000.00
PERFORMANCE PAY (VARIABLE PAY) *** (E) 140,000.00
CTC (A+B+C+D+E) 1,400,000.00
GROSS PAY P.M. 96,287.00
Note: The above amount (CTC) does not include following quarterly Allowances that are payable to you:
Medical Allowance Professional Allowance
Less than 40 years ₹ 15,000/- pa
Rs. 7200 per annum
40 years & above ₹ 20,000/- pa
# You need to allocate Flexi Pay at the time of joining as per options available. These components are not in nature of wages and hence are
not reckoned for PF, Gratuity etc.
## The Bonus shall be paid in 12 monthly instalments in advance along with the monthly salary. In case you are covered by the Payment of
Bonus Act, 1965 these instalments will be treated as advance towards bonus payable under the Act. If bonus declared under the Act is
higher than the aggregate of the monthly instalments paid to you during that accounting year, then the difference will be paid to you as per
law.
* Gratuity is considered @ 5.56% of PF base. However, actual amount payable will be as per Company's policy / Payment of Gratuity
Act. For the Officers who have joined the company’s service on or after 1st August 2013, the maximum gratuity payable is restricted to 20
months’ PF base salary.
** Superannuation - Option available to take in monthly salary
*** Performance pay at your level is based on Sector / Business X Matrix & Individual Performance. The actual payout will depend on the
performance of the Business and your Individual performance against set targets which will be assessed during Annual Appraisal. For the
purpose of CTC calculation the Sector / Business X Matrix & Individual performance is taken at budget level mentioned against Performance
Pay above. However, you have an opportunity to earn above the budget level.
ANY COMMITMENT MADE OTHER THAN THE ABOVE WILL BE VALID ONLY IF GIVEN IN WRITING BY THE UNDERSIGNED.
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