From the above, I observe that your engagement is just as an employee. There are lot of clauses which describe that there exists employee employer relationship between you and the company. Leave, working hours, reporting structure, mandatory meetings, bar on working for other companies etc are some of the clauses which establish it. However, since a few of the company employees are reporting to you, any dispute will be redressed as per the provisions of the Contract Act only.
The security deposit as it is not illegal especially since you have agreed to it and there has been a considerable deduction from the past. Therefore, you cannot dispute it now. Termination of the MoU is possible by giving one month notice (is it not one month?) to the company and with this the amount held as security deposit will become as per 3.2 the amount is payable if you complete the project or leave the company after giving the notice as required. Moreover, since the MoU is not less than an employment, the company is not in a position to hold a security amount for unreasonable period. When viewed from the perspective of Contract Act also, the restrictive clause compelling a person not to leave until the project is completed is illegal and may make the contract voidable.
From the TDS part I also understand that you have professional qualification to substantiate your engagement, otherwise the tax would be 1%.
Madhu.T.K
From India, Kannur
4248The security deposit as it is not illegal especially since you have agreed to it and there has been a considerable deduction from the past. Therefore, you cannot dispute it now. Termination of the MoU is possible by giving one month notice (is it not one month?) to the company and with this the amount held as security deposit will become as per 3.2 the amount is payable if you complete the project or leave the company after giving the notice as required. Moreover, since the MoU is not less than an employment, the company is not in a position to hold a security amount for unreasonable period. When viewed from the perspective of Contract Act also, the restrictive clause compelling a person not to leave until the project is completed is illegal and may make the contract voidable.
From the TDS part I also understand that you have professional qualification to substantiate your engagement, otherwise the tax would be 1%.
Madhu.T.K
From India, Kannur
Dear Fraternity,
I am back after almost 8 months. Frustration of having to loose almost 2 lac on account of security deposit and settling down in new engagement took that much of time.
My request to you all:
1. Is the "memorandum of understand" legal?
2 if not, can i initiate legal course of action?
3. If affirmative, where to demand it? I have relocated to another city.
TIA.
Regards,
Deepak Kanade
9922995357
From India, Nagpur
I am back after almost 8 months. Frustration of having to loose almost 2 lac on account of security deposit and settling down in new engagement took that much of time.
My request to you all:
1. Is the "memorandum of understand" legal?
2 if not, can i initiate legal course of action?
3. If affirmative, where to demand it? I have relocated to another city.
TIA.
Regards,
Deepak Kanade
9922995357
From India, Nagpur
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