want to break Service bond

akshay (Querist) 09 September 2009 This query is : Resolved
I am Akshay Gholve (B.TECH MECH) 2009 pass out.I was selected in L&T and IBM through campus recruitment.Actually i had to join IBM but due to recession(many IT companies cancelled placement of selected students) ,i decided to join L&T as its offer letter came earlier.I joined L&T at Mumbai on 10 july.I have signed 2 years bond for Rs 2 lakhs. But now i have got offer letter from IBM to join on 1 Oct 09.So i want to leave L&T but afraid of breaking of bond.so what to do??Please help me to come out.
Tell me the reason for leaving the company too.
Thank youriven

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A V Vishal (Expert) 09 September 2009
Akshay,

There is no short cut to solve your problem, if you have executed the bond then it is binding upon you to serve them for 2 years, if you want to leave earlier than you should be ready to forgo the 2 lakhs which you offered as deposit plus you should be ready to face any legal consequences like damages etc.. which might be there in the employment agreement with your present company. Without perusal of the agreement, much cannot be said of all the consequences.riven

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