Legality of service bond undertaken with public sector bank
Yogesh C Kandpal
(Querist) 04 March 2012
This query is : Resolved
Respected Sir,
I joined a public sector bank as an officer JMEG Scale-I in the month of Aug.2011.The bank has undertaken a service bond of Rs.2 lac on non judicial stamp paper and the same was mentioned in the advertisement given by the bank in the begining of recruitment process.The bond is for a period of 3 years.
My main queries are:
1.If I leave the organisation before expiry of bond period than am I liable to pay the bond amount.
2.If I am liable to pay the ampunt,will it be on the proportionate basis or the whole amount.
3.Is the bond transferrable from one PSU to another PSU,Govt organisation or state govt.oraganisation or vice-versa.
4.I have got very remote initial posting,My parents health has deteorated significantly in last few months.Management is not ready to transfer me to even in range of 200 kms at least till 4 years..Presently I am over 1000 Km away from my hometown Chandigarh,in remote village in Jaunpur Uttarpradesh.Due to modest background I can't pay 2lac. so I want to leave this organisation or switch to any other PSU or govt.job.
Please revert me back with your precious suggestions at earliest.
Regards:
Yogesh C Kandpal
Guest
(Expert) 04 March 2012
Answer to all the three queries about bond are likely be found in the prescribed conditions of the bond, itself. So far as legality of the bond is concerned, I hope the same would have been drafted only by legal experts in the legal department of your organisation. However, if you have any doubt about some specific condition of the bond, it would be better if you reproduce the same here for interpretation by experts.
About your posting problem, it would be better if you apply for transfer to the nearby town of your native place stating all the compelling grounds, or try to get posting at some place, which may be on direct line from Chandigarh to facilitate easy reach between the native place and the place of posting.
Nadeem Qureshi
(Expert) 04 March 2012
I agree with Mr. Dhingra's Opinion
Raj Kumar Makkad
(Expert) 04 March 2012
1. Yes.
2. Whole Amount.
3. Generally not.
4. It is the prerogative of the organization and as a mater of right, nothing can be sought
V R SHROFF
(Expert) 04 March 2012
1.If I leave the organisation before expiry of bond period than am I liable to pay the bond amount.
Answer : YES
2.If I am liable to pay the ampunt,will it be on the proportionate basis or the whole amount.
Answer : 2L
3.Is the bond transferrable from one PSU to another PSU,Govt organisation or state govt. oraganisation or vice-versa.
Answer : YES
4.I have got very remote initial posting,My parents health has deteorated significantly in last few months.Management is not ready to transfer me to even in range of 200 kms at least till 4 years..Presently I am over 1000 Km away from my hometown Chandigarh,in remote village in Jaunpur Uttarpradesh.Due to modest background I can't pay 2lac. so I want to leave this organisation or switch to any other PSU or govt.job.
Please revert me back with your precious suggestions at earliest.
Pay 2L to leave or continue job, can go for a long sick leave is only loophole
Kirti Kar Tripathi
(Expert) 04 March 2012
Answer of query no. 1 is yes.
Answer of query no. 2 is whole amount i.e. 2 Lac.
Answer of query no. 1 is depend on condition of contract, if any such condition is mentioned the contract, then yes otherwise not.
Answer of query no. 4 is as suggested by Mr. Shroff pay the amount or create circumstances that the employer may terminate your services at their own. In that event action would at their end and this condition can not be enforced as termination is not at your end.
K.S.Srinivas
(Expert) 05 March 2012
I agree with the expert Kirti Kar Tripathi
Ajay Bansal
(Expert) 05 March 2012
Agreed with Mr. Makkad here.
prabhakar singh
(Expert) 08 March 2012
ANSWERS:::
1.YES
2. SUBJECT TO PROVE OF ACTUAL DAMAGES WHICH CAN NOT EXCEED MORE THAN 2LAKHs.
3.What you call bond is an agreement enforceable between parties,you and your employer,hence unless now three people agree to the same conditions,you ,your present employer,and your prospective employer by a tripartite agreement ,it can never be transferable,even any condition given in contract or not,generally or specially.The basic thing is that a contract binds only parties and not strangers.
4.Care towards suggestions of Mr.SHROFF
and Mr.Tripathi.
