Achieve Ananda 13 June 2016

Is it possible to transfer a bond

Hello,

I am working for a software company, which was a Pvt Ltd company. I had signed a bond with that company regarding 18 months of service agreement and made a cash deposit of Rs 50000 for security purpose. This is the 10th month of my work for that company.

But now that company is acquired by an India LLP company.

Now I am not at all interested for working that company.

But company is asking for sign the document which says that all the conditions and agreements of pvt ltd applies to India LLP.

My question is it possible to transfer a bond from one company to another ?

Can I now reject to sign and demand for my deposited money?

Please guide me to move forwar.

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3 Replies

adv.bharat @ PUNE (Lawyer) 13 June 2016

As you had sign the bond u were bind to follw it.

U can't reject to sing bond. You must have to complete 18 month duration as agreed .

P. Venu (Advocate) 14 June 2016

The Bond is enforceable only against the expenses, if any, incurred by the empoyer in imparting any special training to the employee.

Achieve Ananda 14 June 2016

I think you have mistaken me. I have signed with a Pvt ltd comany and now that company is acquired by another comapny which is a India LLP company. So I dont have any bonding with that new company right ? So now can I demand for my money from Pvt Ltd company now ? (Pvt Ltd company is not exist now)