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Author :
Victim
Posted On 16 July 2012 at 13:44
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Hi, my friend after serving 7 yrs with a company has signed an agreement/bond on stamp paper last year with his employer that he will not move to any other company dealing in same business for atleast 2 yrs or will start his own business related to that being dealt by company. IF he breaches this condition, he has been asked to pay compensation to company which is around 30times his monthly salary. As he has experience of same profile from last 15 yrs he can't even think of changing his profile now. Moreover, his initial notice period term was of 1 month but same has been now changed to 2 months in this agreement. But now, situations in organization are such that he can't continue with his employer anymore.
So, kindly suggest whether such bonds/agreement are valid in India? If yes, what else option he has so that he may leave his current job and move to other employer in same industry.
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Expert :
Nadeem Qureshi 9953809956
Posted On 16 July 2012 at 14:02
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Dear Querist
this agreement is valid and notice period of two month is mandatory as per your information. there is no defense or option to save from this situation. you have only one way to save your self, if your employer used and pressure or harassment or any delay in your salary, medical deduction, PF, or working Hour, Facilities, you can file a complaint against him/company for this harassment. may be the company will be ready to relieve you.
Feel free to Call
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