Raj Kumar 12 July 2016

Bond issue

I am working with a PSU, where I have signed a bond of five lacs for three years. After 8 months of job one of my pending result has come for which I gave the exam prior to joining this PSU and I am selected in ministry of railways through UPSC Engineering services exam. Currently I am working on group B post and now I have got a Group A gadgeted post. I want to join ministry of railways but I belong to a very poor family and 5 lacs is a huge amount for me to pay. I applied for the transfer of bond but they refused to transfer. Can anybody tell me what else can I do in order to get my bond transferred. Ministry of railways is ready to accept the bond and I belong to scheduled caste.

Reply Follow

4 Replies

Kumar Doab (FIN) 12 July 2016

You have signed the Bond by your free will.

You could have looked into its implications before signing.

You have posted that;

'Ministry of railways is ready to accept the bond '. Is it on written record?

' I applied for the transfer of bond but they refused to transfer.' Is it on written record?

By allowing transfer of Bond what will PSU get? Apparently ;Nothing. Hence the declinature.

The Bond was created in lieu of what extra ordinary favor? e.g; certified training that added to your qualfication?

Is transfer of Bond betwen PSU and Raliways in force?

You may approach avery able counsel specializing in such/service matters with copies of all docs, service rules etc and inputs on record for a considered opinion.

Raj Kumar 12 July 2016

Yes, both the things that you asked are on records. When I signed the bond, I didn't know whether I will selected in IES. While most of the PSU transfers the bond easily, this one had the condition that the bond is non transferable. But according to guidelines of Dept of Public enterprises, bond should be transferable between PSUs and central govt. I want to know that whether or not those guidelines are applicable in this case? And if yes then how can I approach the matter legally.

Raj Kumar 12 July 2016

Kumar Doab (FIN) 12 July 2016

If the said guidelines are applicable then these should prevail upon private and internal policies drafted by PSU.

Apply you own skills; persuasion, persistence, reasoning, negotiating and exhaust the internal escalation matirx and remedies.

Write to the internal authority ( as narrted in rules) citing guidelines and request to adhere and agree. Don't remain entangled with HR/LIne Mangares alone.

Let them agree or decline in writing.