Upgrad LLM

service bond transfer from psu to state govt.

Dy Collector

I worked for a govt. insurance company. it made me sign a bond of 4 years failing which One year salary has to be recovered. 
While working there i got selected in State PCS as Deputy Collector worth mentioning that all applications made for the exam was done through proper channel and NOC was received before interview.

There is provision for bond transfer from PSU to state government. But when i asked for such transfer the company asked me to submit bond acceptance letter from new employer without which they will not transfer the bond.

My new employer went through all the guidelines of GOI and said that its not written anywhere that any such bond acceptance letter has to be given by new employer. New employer asked me to submit fresh bond to the previous employer for serving the remaining period as Deputy Collector but it doesnt look like a bond acceptance letter which the company has asked for. Company also denies to provide me in wriiten any such demand for acceptance letter. Prima facie going through the guidelines I feel that the company is acting abritarily. 

now the insurance company has sent me recovery letter of about 5 lakhs which itself has atleast 5 major discrepancies.
kindly guide me.


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