Learned Mr.Shroff has given valuable advice and suggested solution. Kindly follow it.
Waiver of bond by employer is the easiest/quickest solution. Employee needs to be smart and should acquire good persuasion, persistence, negotiation, reasoning, skills and apply these while in employment to get relief. While it is noted from many of the posts that many of the candidates do not analyze the implications and become victim of their own mistakes, it is also noted many of them act smart and apply their skills, build record, and approach their line management and top management and succeed in getting waiver.
It is always better to seek advice before jumping to sign on the dotted line, from elders in the family, experienced and competent well wishers, lawyer/law firm. In today’s environment if you have access to a lawyer/legally trained mind, it is useful and economical in the long run.
Relieving letter is issued post all settlements.
Settlements due at the end of employee include: submission of company property (under proper acknowledgment, preferably mentioning nothing is due) including ID card etc.., imprested cash/advance if any, completion of tasks on hand if any, handing over of the charge to the designated employee, and any other as per agreed upon terms..
Settlements to be done by employer; acknowledgment of notice/resignation, acceptance of resignation, settlement of a/c and payment of dues, FNF statement, form 16,PF accumulation reports, PF withdrawal/transfer forms, work experience/certificate, relieving letter, NOC ( if applicable), NDC, etc..
Employee should submit proper communication preferably in notice of resignation asking for all of the above, and may including list of items to be submitted by employee and employee and request to supply verified list to avoid inconvenience to either party.
Acknowledgment and acceptance of notice/resignation, FNF, acknowledgment of company property, NOC/NDC, work experience/service certificate may suffice and majority of the employers accept these to be as sufficient to absorb the new employee.
Employee may try to record threats (audio/visual). This may come handy and become useful later. Employer who resort to coercion, threats, rude and bad conduct, abuse and suppression of rights are unworthy of being employed with.
Employer may quote their right and acts.. Expenses incurred to recruit etc, however if no amount is spent on your training (as posted by you) or to improve your qualification, it may be difficult to extract the huge amount of Rs. 5 lacks posted by you. Kindly approach a competent and experienced service lawyer with all records and documents including bond, employee rule book, standing orders, appointment letter, performance record indicating you have generated revenue and profits with your services, and your employer shall be able to advise you on the merits in your case and suggest you the remedy and solution.
