I am working in Public Sector General Insurance Company, while joining they have taken a Bond from me to serve 4 years in the Company.
The Conditions of Bond is :
1. If i resign during probation (which is one year) i have to pay an amount equal to all the Gross Salary paid to me in addition to INR 25000/- ( For training).
2. If i resign after probation (One year) but before 4 years i have to pay an amount equal to Gross salary paid to me for one year.......which can be reduced proportinaly depending upon length of service done after probation.
My question-
1. Is this type of Bond is Valid as per Constitution.
2. I do not want to pursue my current job due to some family / personal problems, but the bond amount is so huge that i cannot leave the Company.
Please help me out in this matter because i am suffering badly & want a solution .
