Dear Members/ Experts / Professionals
Please guide me in addressing my issue.
From 10th Jan 2005 to 9th July 2010 I was employed at ABC, a Society registered under State Society Registration Act, and from 10th July 2010, I was transferred to XYZ Pvt Ltd, a NBFC, a separate legal entity. During my tenure at ABC I was made to sign on Employment Bond of Rs 1 lac with ABC for 5 years on 25.01.2010. This Employment bond becomes automatically null and void with my transfer from ABC to XYZ Pvt Ltd. The transfer was made at the instance of Owner
Owner of both ABC and EFG are same. Under this 2 organization I have working for 9 years. From last week Dec 2013 as per my request, I was transferred to my Home State but Salary was reduced by 1/3. As this was not viable, on 24th March 2014, I submitted my resignation and no Notice Period was serve. On 14th July 2014, my Final Settlement along with Experience Certificate and Relieved Letter was released from my last employer i.e XYZ Pvt Ltd.
The issue is that in the Final Settlement, they have not incorporated Bonus and Leave Encashment. Instead of adjusting Notice period deduction with leave encashment, they have deducted one Month Salary Directly. Even though Final Settlement was release from XYZ Pvt Ltd, they have deducted Rs 50 k as Bond amount that was signed with ABC. Gratuity and EPF is released.
Please let me know the legal validity of deduction of Bond from 2nd company on the basis of bond signed 1st org and how to take up the matter and to whom I should approach for refund of deduction of Bond Amount and payment of Bonus and Leave Encashment.
For Clarity , Employment bond is reproduced below
BOND
LET IT BE KNOWN TO ALL that I CSD son of CSS, a permanent resident of ZZZZ, (hereinafter called the employee) bind myself to ABC, an existing Organization within the meaning of XYZ Registration Act, 19XX, having it Head Office at XXXX (hereinafter called the employer ) in the sum amounting to Rs 1 Lacs only payable to the said employer or its successor for which payment I bind myself and successor on this 25th Jan 2010.
NOW THIS BOND OF SECURITY WITNESSES AS FOLLOWS:-
1. That, the employer has agreed to employ the aforesaid employee as Sr. Assistant in the aforesaid Organization ( ABC ) and in consideration whereof the aforesaid employee executing this bond in the sum of Rs 1 Lacs only and subject to such other condition as are prescribed hereunder and for the due discharge of his or her duties as the Sr. Assistant by the employer for a continuous period of Five Successive years with effect from the date of execution of this present bond.
2. That, in addition to the aforesaid binding on the employee, he or she is also bound to have no objection as and when the employer ( ABC ) have forfeited all or any of the service benefits such as EPF/Allowance/Gratuity etc guaranteed to the employee by the employer during the course of his or her employment granted within the binding stipulated successive period.
Now this bond has been executed with the condition that if the said employee discharges his or her duties faithfully for the benefit of the aforesaid employer within the aforesaid bond period then the above written bond shall be void and ineffective otherwise it shall have full force upon the aforesaid employee.
Signature of Employer
Signature of Employee
Thanking you
CSD
From India, Patna
Please guide me in addressing my issue.
From 10th Jan 2005 to 9th July 2010 I was employed at ABC, a Society registered under State Society Registration Act, and from 10th July 2010, I was transferred to XYZ Pvt Ltd, a NBFC, a separate legal entity. During my tenure at ABC I was made to sign on Employment Bond of Rs 1 lac with ABC for 5 years on 25.01.2010. This Employment bond becomes automatically null and void with my transfer from ABC to XYZ Pvt Ltd. The transfer was made at the instance of Owner
Owner of both ABC and EFG are same. Under this 2 organization I have working for 9 years. From last week Dec 2013 as per my request, I was transferred to my Home State but Salary was reduced by 1/3. As this was not viable, on 24th March 2014, I submitted my resignation and no Notice Period was serve. On 14th July 2014, my Final Settlement along with Experience Certificate and Relieved Letter was released from my last employer i.e XYZ Pvt Ltd.
The issue is that in the Final Settlement, they have not incorporated Bonus and Leave Encashment. Instead of adjusting Notice period deduction with leave encashment, they have deducted one Month Salary Directly. Even though Final Settlement was release from XYZ Pvt Ltd, they have deducted Rs 50 k as Bond amount that was signed with ABC. Gratuity and EPF is released.
Please let me know the legal validity of deduction of Bond from 2nd company on the basis of bond signed 1st org and how to take up the matter and to whom I should approach for refund of deduction of Bond Amount and payment of Bonus and Leave Encashment.
For Clarity , Employment bond is reproduced below
BOND
LET IT BE KNOWN TO ALL that I CSD son of CSS, a permanent resident of ZZZZ, (hereinafter called the employee) bind myself to ABC, an existing Organization within the meaning of XYZ Registration Act, 19XX, having it Head Office at XXXX (hereinafter called the employer ) in the sum amounting to Rs 1 Lacs only payable to the said employer or its successor for which payment I bind myself and successor on this 25th Jan 2010.
NOW THIS BOND OF SECURITY WITNESSES AS FOLLOWS:-
1. That, the employer has agreed to employ the aforesaid employee as Sr. Assistant in the aforesaid Organization ( ABC ) and in consideration whereof the aforesaid employee executing this bond in the sum of Rs 1 Lacs only and subject to such other condition as are prescribed hereunder and for the due discharge of his or her duties as the Sr. Assistant by the employer for a continuous period of Five Successive years with effect from the date of execution of this present bond.
2. That, in addition to the aforesaid binding on the employee, he or she is also bound to have no objection as and when the employer ( ABC ) have forfeited all or any of the service benefits such as EPF/Allowance/Gratuity etc guaranteed to the employee by the employer during the course of his or her employment granted within the binding stipulated successive period.
Now this bond has been executed with the condition that if the said employee discharges his or her duties faithfully for the benefit of the aforesaid employer within the aforesaid bond period then the above written bond shall be void and ineffective otherwise it shall have full force upon the aforesaid employee.
Signature of Employer
Signature of Employee
Thanking you
CSD
From India, Patna
Dear
this bond itself is illegal and does not have any validity in court of law. your case is totally different as they have transferred to another company which was owned by them. it is illegal and please file a case under payment of wages act with labour dept as you were a senior assistant and you come under the preview of labour dept
From India, Delhi
167this bond itself is illegal and does not have any validity in court of law. your case is totally different as they have transferred to another company which was owned by them. it is illegal and please file a case under payment of wages act with labour dept as you were a senior assistant and you come under the preview of labour dept
From India, Delhi
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