IT Firm Owners Scoot With Staff Deposits

About 300 software professionals  are in shock after they went to work on Tuesday and found their company shut.

Published: 05th December 2013 08:00 AM  |   Last Updated: 05th December 2013 08:00 AM   |  A+A-

About 300 software professionals  are in shock after they went to work on Tuesday and found their company shut.

Employees of Life Time Softtech in Koramangala met Police Commissioner Raghavendra Auradkar and sought his help to track down the manager and owners of the company. They are also seeking refunds of their security deposits.

Life Time Softtech, described as a start-up IT software company, used to function from an office in Koramangala. Employees suddenly found it locked on Tuesday.

They have lodged complaints against company manager Khadar Wali and owners Sunil Nagendra and H R Nagashree.

Khadar had allegedly collected Rs 1- Rs 1.5 lakh from each employee as a security deposit. The company had promised to refund the money six months after it was collected.

After the candidates paid the money using demand drafts, the company had offered them jobs with salaries ranging from Rs 2.8 lakh to Rs  3 lakh a year.

“We thought it was a good opportunity to work for a start-up. They had posted ads on popular job portals like OLX and,” a techie said. Armed with BTech degrees, the candidates had joined the company in the hope of gaining experience.

The company was located at 3rd Cross, 5th Block, Koramangala.  Engineering graduates from Karnataka, Madhya Pradesh, Uttar Pradesh, Bihar, Orissa, Assam, Tamil Nadu, Andhra Pradesh and Rajasthan had paid the deposits.

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