This is my second querry with regard to Terms and conditions of service
I have recently joined a Pvt Ltd Company manufacturing pharmacy equipments. My designation is of a Manager . The company has the following policy which I don’t think is right.
1. 01 year Prohibition Period.
2. During Prohibition period, three month notice period is required.
3. After completion of prohibition period, three months notice period is required.
4, Buy back option for Notice period is not available.
5. Three years bond is mandatory. The fine for not fulfilling the conditions of bond is Rs. 5 lacs or 01 years CTC period , whichever is higher.
As far my knowledge goes, the following are the rules for Pvt Ltd company which are in District-Thane (Maharashtra).
1. Only 03 years prohibition period is the rule.
2. During prohibition period, the termination may be immediate and no notice period is required.
3. After completion of prohibition period, thirty days notice period is required. Also there is an option of buy back notice period.
5. About the Bond, I am clueless, as I am not aware if this is legal?/
Can you please clarify the existing rules?. Also, When the employee is new, he does not have any option but to agree the above terms and conditions of the service. But, faces undue hardships while he plans to quit due to better career prospects or when there is no job satisfaction. Please guide.