Post dated cheque


So I was selected for a company and was scheduled to join from Jan,2020 onwards and the company has a bond agreement of 1.5lakhs(post dated cheque) that is for 1.5 years.

Now the company wants me to submit the cheque on or before 14th october to my Placement officer(as I was selected through my college drive).

What should I do?

Is this even legal?

What would you guys would have done? Thank you.

 

 
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Advocate

No quetion of legal or illegal. Whether you are agreeable to the condition or not. What does it mean 1.5 years?

 
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1.5 years mean that I should work atleast for 1year and 6 months for the company.

If I fail to do so then they are entitiled to use the cheque of 1.5lakhs.

I am currently in dilemma that I was scheduled to join from Jan2020, but they are asking for the post dated cheque in oct,2019.

They are doing this,so that I dont join any other company.

 
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CEO

This is strange and highly irregular, usually the bond is in the form of Bank guarantee and not post dated cheques. Think twice before issuing post dated cheques you may be entering into deep water.
 
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Retired employee.

If you wish to continue in the job for that contractual period, and if employer gives acknowledgment of having received a cheque there may not be any problem, if the job is good.

 
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Without knowing job difficulties giving cheque is not good.within 3months work may become hard or bore If u leave u will be trapped like mice.
 
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Proprietor

You must have a placement assistance cell in the college who have facilitated the Campus recruitment, seek their advice first.If your corse /final exam is over and find the job suitable ,request the recruiting company to allow you to join them from First of Oct.'19.. i.e. from the date of issuance of the cheque. 

 
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Advocate

Yes, you should bring the mattrs to the notice of the College authorities. Moreover, the cheque, so given, only serves as a security and hence no action under 138 is permissble if the cheque bounces.

 
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If you give cheque they will hand over it to local goondas for collection so be careful .
 
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advocate Madras High Court

if it is a good and established concern, visit the office and enquire the staff placed there for their experience in the similar situation and then decide the matter accordingly. even in adverse the action can be iniated against you for the cheque bounce as the cheque was given for the security purpose

 
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