Recruitment/talent Acquisition, Career Counselling
Sr. Hr Executive @ Polymerupdate
Your's is indeed a weird situation in this Forum.
Let's look at the situation from different angles.
1] The company does seem to care [at least to the extent it can] about the employees [like you mentioned]--else they wouldn't have given the advance notice of ~6 months. I have seen companies keeping the 'facade' ON till the last minute--that all's well with the company. A recent classic case COULD be the KFA case currently in the news.
However you do have a point since they seem to be hesitating to release employees earlier--there could be reasons beyond their control.
2] How's your situation different from, let's say, if you were to resign today & have to serve a Notice period of 3 months? Wouldn't you tell the prospective Employer that your joining Time would be 3 months in the interview process itself?
3] How would it serve your purpose NOW if you wish to focus on the legality or violating of the policy/bond?
Coming to the REALISTIC options you have in-hand, suggest you begin trying for new jobs in Nov/Dec/Jan & clearly mention in the interviews that you will be able to join on 1 April, 2013. Since you say you were given the Notice--I take it that it is a 'written' notice--about the company closure, you can use it to handle any queries about whether you will really join the prospective employer, IF selected.
And, one more thing. Suggest take ALL the Appreciation/Recommendation Letters from your superiors/bosses/company before the company closes down for good. It could be tough to get them later.
All the Best.
9th October 2012 From India, Hyderabad
1. Service bonds are not viable in India.
2. Service bonds if broken, employer can recover only the training cost from employee
Now to your questions:
1. You have a bond period till Dec 2013. But you said your unit closes down in near future. If a company closes down the bond is no more into picture. When there is no unit where you had been hired and located, how would they retain you.
2. They have mentioned about the closure before hand perhaps so that you all are well informed and use this time to look out for a new job and tell them that you can join in from 1st April as the company closes down. Looking at the dates, I believe you'd have to serve 45 days notice on upper side (coz job hunting would take time) which is acceptable and more so this would be better than searching job after unit closes down and you're unemployed.
3. Recovery of 7 lac Rs. I cleared it before. They can execute the amount only till the extent of cost they've incurred to train you. Also they're to deduct the recovery amount. As in say you have been working here for 2 years and you recieved your training in 1st 6months of your employment so in the remaining 1 and half years you performed your tasks and brought profitability to the organization. They're to ignore that amount from the bond amount.
However I would advice that do not fight with your company (as you said it is already closing) Instead stand with them in their bad times. You'd be absorbed somewhere in mean time.
Hope it helped. Wish you luck :)
16th January 2013 From India, Mumbai