Dear Sir/Mam,
I recently joined a Public Listed Co. and the company asked me to sign a bond for 2years. Bond mentions I have to serve the company for 2 years and cant leave the company before 2years, however company has the right to exit me from the job if I dont meet thier expectations or performance. And if I leave the company before 2 years I would have to repay 50,000 as damages to the company. This Bond was executed on company's letter head.
Please advice what I shall do because I am not willing to continue with the company as I am not comfortable with night shift and several other reasons.I read somewhere that a bond which is signed on a stamp paper is only valid.in India.
Please advice, if this kind of a bond is valid or not in India and what I shall do
Thanks
CJ12
From India, New Delhi
I recently joined a Public Listed Co. and the company asked me to sign a bond for 2years. Bond mentions I have to serve the company for 2 years and cant leave the company before 2years, however company has the right to exit me from the job if I dont meet thier expectations or performance. And if I leave the company before 2 years I would have to repay 50,000 as damages to the company. This Bond was executed on company's letter head.
Please advice what I shall do because I am not willing to continue with the company as I am not comfortable with night shift and several other reasons.I read somewhere that a bond which is signed on a stamp paper is only valid.in India.
Please advice, if this kind of a bond is valid or not in India and what I shall do
Thanks
CJ12
From India, New Delhi
HI, 1. As per Sec 10 of the Indian contract Act, 1872 bond is valid in India so just try to come out smoothly.
From India, Mumbai
427From India, Mumbai
Hi,
Were you not aware about the night shift earlier? Issues you have to face with every organization.Some issues are small but some are big.How many companies you will switch due to such issues.Try to cope with them.But it seems u have some good opportunity in hand thus you are not able to put your heart in work.
Absconding is nowhere good.Kindly communicate with your HOD and HR and try to take smooth relieving.
Try to negotiable on bond money.Smooth exit will be useful in further career also
From India, Mohali
Were you not aware about the night shift earlier? Issues you have to face with every organization.Some issues are small but some are big.How many companies you will switch due to such issues.Try to cope with them.But it seems u have some good opportunity in hand thus you are not able to put your heart in work.
Absconding is nowhere good.Kindly communicate with your HOD and HR and try to take smooth relieving.
Try to negotiable on bond money.Smooth exit will be useful in further career also
From India, Mohali
Thank you for your replies guys
@ Lavika & Aditya - I knew about the shift, but was not aware it would be so difficult for me to adjust. I have sleep disorders and am facing health issues due to it. I have just spend 45 days in the company and I am not a permanent employee yet. So isn't there any chance for me to exit without a formal resignation.
Thanks
CJ12
From India, New Delhi
@ Lavika & Aditya - I knew about the shift, but was not aware it would be so difficult for me to adjust. I have sleep disorders and am facing health issues due to it. I have just spend 45 days in the company and I am not a permanent employee yet. So isn't there any chance for me to exit without a formal resignation.
Thanks
CJ12
From India, New Delhi
Dear CJ12,
Section 74 of the contract Act makes the penalty imposition bad but permits reasonable compensation to be recovered by employer. In your case, 50000 is fixed amount of bond which cannot be recovered but only reasonable compensation can be recovered from you. Has the company incurred any expenditure upon you to impart training etc which can be recovered out of said amount. -see M/s Scipa case decided in Nov, 2011 by Delhi HC
From India, New Delhi
Section 74 of the contract Act makes the penalty imposition bad but permits reasonable compensation to be recovered by employer. In your case, 50000 is fixed amount of bond which cannot be recovered but only reasonable compensation can be recovered from you. Has the company incurred any expenditure upon you to impart training etc which can be recovered out of said amount. -see M/s Scipa case decided in Nov, 2011 by Delhi HC
From India, New Delhi
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