Hi All
I am working in a software company and has signed a bond with it . I dont remember exactly what had they made me sign on stamp paper but in the offer letter what they gave to me they stated that I had to do 1 yr. of training and 2 yr. of service for them. What are legal consequence's if i break this bond.
Plz help me out...
From India, Bangalore
I am working in a software company and has signed a bond with it . I dont remember exactly what had they made me sign on stamp paper but in the offer letter what they gave to me they stated that I had to do 1 yr. of training and 2 yr. of service for them. What are legal consequence's if i break this bond.
Plz help me out...
From India, Bangalore
Dear Dipika,
If it is said in the bond that you have to serve 1 year of training period and 2 years of service then you will have to serve.....
Also make sure that in the bond it is mentioned (if mentioned in your bond) that if you leave the service of the company during the bond period then you have to pay the liquidity damage(liquidity damage will be mentioned in your bond)...
Incase if you do not pay the liquidity damage, then the company has full rights to deduct the liquidity damage from your full and final settlement or they even send you the court notice in case you have to pay the amount and if you fail to do so...
But in oder to have a good image while leaving your company, I would sugest that you go through the bond once again and consult your HR team....
From India, Mumbai
393If it is said in the bond that you have to serve 1 year of training period and 2 years of service then you will have to serve.....
Also make sure that in the bond it is mentioned (if mentioned in your bond) that if you leave the service of the company during the bond period then you have to pay the liquidity damage(liquidity damage will be mentioned in your bond)...
Incase if you do not pay the liquidity damage, then the company has full rights to deduct the liquidity damage from your full and final settlement or they even send you the court notice in case you have to pay the amount and if you fail to do so...
But in oder to have a good image while leaving your company, I would sugest that you go through the bond once again and consult your HR team....
From India, Mumbai
Hi Ankit
Thanks for the response but do you think that is it good to discuss with my HR team regarding this unless and until I get the offer from other company in written.
And the liquidity damage demanded by them is Rs. 200000 . More over i dont find the growth opportunity in this company . Employees have been working for 7 to 8 yrs. on the same post . When i spoke about this to my TL he said i may have to face consequences regarding this . Speaking to my friend about this who works in same company and we joined together I came to know that few yrs. back there was a case were a female employee left the organisation breaking the bond was dragged to court but result is unknown .
Is binding an employee by the weapon of bond is legal in India..
Regards
Dipika
From India, Bangalore
Thanks for the response but do you think that is it good to discuss with my HR team regarding this unless and until I get the offer from other company in written.
And the liquidity damage demanded by them is Rs. 200000 . More over i dont find the growth opportunity in this company . Employees have been working for 7 to 8 yrs. on the same post . When i spoke about this to my TL he said i may have to face consequences regarding this . Speaking to my friend about this who works in same company and we joined together I came to know that few yrs. back there was a case were a female employee left the organisation breaking the bond was dragged to court but result is unknown .
Is binding an employee by the weapon of bond is legal in India..
Regards
Dipika
From India, Bangalore
Dear Dipika,
Binding an employee by bond is legal and as bond it self is a legal document after its gets stamped or frankin is done....
Also, once you leave the company before the completion of the bond period then you have to pay the liquidity damage otherwise as stated in my earlier post, there can be case filed against you in the court....
I would suggest you that you should serve your bond period and incase you do not wish to serve then pay the liquidity damage....
From India, Mumbai
Binding an employee by bond is legal and as bond it self is a legal document after its gets stamped or frankin is done....
Also, once you leave the company before the completion of the bond period then you have to pay the liquidity damage otherwise as stated in my earlier post, there can be case filed against you in the court....
I would suggest you that you should serve your bond period and incase you do not wish to serve then pay the liquidity damage....
From India, Mumbai
Hi Ankit there is no way out to come from this bond...:( Have I to continue it unwillingly ... Regards Dipika Dip
From India, Bangalore
From India, Bangalore
Dear Dipika, There is no way out...to avoid further complications i suggest you tha you continue till the validity of your bond period....
From India, Mumbai
From India, Mumbai
Hey Ankit I got to know that i did sign memorandom of understanding on the stamp paper Now do you have any idea what is memorandom of understanding. And what are its consequences .
From India, Bangalore
From India, Bangalore
Hi,
There is a provision in Constitution of India Article 23,as your fundamental right,under right to explotation,where noone can be forced to work.But I would suggest you to consultant some Legal Advisor and your family before you take any further action on this.Feel free to discuss.He will be to sort out things better.
Regards
Aman
From India, New Delhi
There is a provision in Constitution of India Article 23,as your fundamental right,under right to explotation,where noone can be forced to work.But I would suggest you to consultant some Legal Advisor and your family before you take any further action on this.Feel free to discuss.He will be to sort out things better.
Regards
Aman
From India, New Delhi
Hey Dipika,
Memorandum of Understanding is also termed as Agreement.....
Its one of the same thing.....if possible would request you to kindly send me the soft copy so that i can tell you clearly what furhter action you can take....
As oif now what i said stands valid.....
From India, Mumbai
Memorandum of Understanding is also termed as Agreement.....
Its one of the same thing.....if possible would request you to kindly send me the soft copy so that i can tell you clearly what furhter action you can take....
As oif now what i said stands valid.....
From India, Mumbai
Hey Ankit
The didnt give us the copy of the bond and on asking them for the copy they say its against company policy .At max I can give you the offer letter and the increment they made for 500 per month notification.
I dont have the copy of bond as such and company is not ready to to give me the copy will offer letter do.
Also i got an increment in the salary bcz of the policy changes
Will these 2 work
Plz let me know
From India, Bangalore
The didnt give us the copy of the bond and on asking them for the copy they say its against company policy .At max I can give you the offer letter and the increment they made for 500 per month notification.
I dont have the copy of bond as such and company is not ready to to give me the copy will offer letter do.
Also i got an increment in the salary bcz of the policy changes
Will these 2 work
Plz let me know
From India, Bangalore
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