wrkel12345678 (noida) 17 May 2011

Bond in company

Hi,

I have just joined a company in chennai and have signed a bond for 1 year of Rs 2 Lakhs. For this company has taken a undated cheque and signed on 100/- stamp paper that if we break bond in one year, we have to pay this amount.

I want to know what legal stand it has in court of law. What if I donot like the company's culture, what if company reduces my salary after 3 months, can i break the bond, what if company starts torturing and harring me by making me sit late etc etc.

How much such bond stand in the court of law?

Regards,

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2 Replies

V. VASUDEVAN (LEGAL COUNSEL) 17 May 2011

There has been quite a lot of discussions on this topic of query in the forum and please go through. While the issue has been well answered, I dont understand a person signing legal documents with the intention of breaking it from the beggining. This systems flawed either side, employer demanding a bond and taking a cheque which is not an ethical nor a legal practice and an employee, especially well educated class signing every thing for the sake of a job with the intention of breaking. Any relationship, especially an employment relationship has to start on mutual trust and this is not seen from either side.

Vasudevan

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wrkel12345678 (noida) 29 May 2011

It is not that I want to break the bond but company is reducing my salary and then they also want me to work late. In such case, what options I have...
Is the bond still valid?