Raja_Joshi
Hi I have joined a co. one month back. Co is collecting one month CTC in the form of security deposit from its employees who join with company with a condition that employee has to work for atleast one year with company and if employee leave before one year, security deposit will be forefeited and mgmt will not refund the money. Is there any way out to get this money back? Employee has to sign a paper as a bond-though it is not on the stamp paper
Pls help..
Raj Joshi

From India
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Rajanassociates
Legal Counsel
Dlghr89
Head Hr - Mahindra Aerospace
Raja_Joshi
Manager Hr & Admin

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dlghr89
29

Hi,
Please check if they are getting signed on a paper or draft promisory note.
The terms of employment between an employee and the company including the security deposit amount to Private contract, hence can not be contested.
So you may not be able to get the money back in case you leave the services within the stiplated time.
Kind regards
Dayanand L Guddin

From Singapore, Singapore
rajanassociates
50

Dear
It is an unfair labour practice to collect one month CTC in the form of security deposit from its employees who join with company with a condition that employee has to work for atleast one year with company and if employee leave before one year, security deposit will be forefeited and mgmt will not refund the money.Therefore you can point out this illegality and first send a regd letter[not e mail] and if your employer does not comply then you can take it up legally through a local lawyer.
With Regards

E-mail :
Mobile : 9025792684

From India, Bangalore
ljnassociates
1

This issues have been settled by us earlier also. Please get in touch so that we know the whole issues to give a proper legal and easy solutions.
For further details, we request and appreciate you to get in touch at or 9870006433/91-222-27666136/09833366642. We are running a law firm by the name "LJ & Associates" and is headed by me. I myself have legal experience in courts and corporates of more than 8 years and during these years have done with my B Com, LLB, LLM, MBL, MBA, CS Inter.
Please find in attach my profile for your any further issues and will be great to help you out.
Thanks & Regards
Lalit K Jain

From India, Mumbai

Attached Files (Download Requires Membership)
File Type: pdf Profile of LJ & Associates - Updated - 18.06.10.pdf (57.7 KB, 48 views)

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