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UKeep the message below 1000 characters
Hello Sir,
I am in a critical situation. My friend and I were offered a three-month contract for the roles of CTO and CEO. The contract stated that 5,000 to 10 interns would be paid by the founders, and based on our performance over these three months, further decisions would be made, including the potential offer of equity.Initially, we hired three interns with salaries of ₹10,000, ₹5,000, and ₹5,000. The founders initially paid the CTO ₹25,000 and ₹20,000 to the interns. However, later, they stated that since the work was not progressing as per their expectations, they would withhold further payments.
After a month, the CTO hired four more interns to accelerate progress but did not CC the founders in the communication. He assumed he would be able to pay these interns once he received his salary from the founders. The founders paid the old interns ₹20,000, but the CTO did not receive his ₹25,000 salary. Their explanation was that the work was not meeting their expectations.
In the final month, the three previously hired interns were not paid, nor were the four new interns, as the CTO had not received any payment from the founders. The founders continued to claim that the work was not aligned with their expectations. Despite this, the CTO and CEO were working in the company’s best interest, developing the website, app, and other necessary components.
Now I am cto and ceo both are financially struggling somehow managing their daily routine . Hmwhat consequences they can face please guide
I have attached the contract and the founder message too
https://drive.google.com/file/d/16XQSUpgKyhoGhc1j7Sd65KgmH11yJ09d/view?usp=drivesdk
https://docs.google.com/document/d/1s9fwcvCly1IrAg4jqrxlFkfwsDBcEtqr/edit?usp=drivesdk&ouid=117922006760345238768&rtpof=true&sd=trueEverything the founders do was on the favor of the company but founders are misunderstanding it please help legally
Now the founder want to file a case against us and interns want to file a case against us
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MYou are CEO and CTO of what? A project? Definitely not a company.
What was the compensation structure agreed?
And you hired without approval? Why would founders be obligated to pay them? Just trying to understand your logic.
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UOkay so it’s a shark tank company in a downward spiral with no users and no profits funded by founder themselves to keep the company up . They previously had 5 lakh plus users . So me and the CEO were together building a startup in the same domain so we reached out to them to get the data of this 5 lakh users as a api obviously for a cost . But then he told to build this in their company itself as they will finance it and we will execute it . And then he offer us the contract I have attached . We accepted it and hired interns to do the job . The initial structure was 10 interns will be hired per 5000rs , and ceo and cto will not take salary until 3 months they prove their worth . So i hired 3 interns and told it’s tough to get developers who have good experience under 5000rs . So you just give it to me I will take the entire developement they agreed and initial month they gave 25000rs and following month i hired through company email a couple more developer and law interns . The only mistake I did was I didn’t add founders in cc to let them know about it , I wanted to convey them that the money I am getting as a salary will be given to this interns . And after a month they say work is not according to their expection so we will not pay the salaries
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