Hi,
I am working with reputed automobile company since last 6yrs. 4.5yrs back i have got into 5yrs 4Lacs bond with company. Company has promised to invest Rs. 9L on my development during this time. But at the end of 4.5 yrs they have not even invested @4L on my career progression. Also during this time they have cut the salary across board 3 times siting market conditions. Due to this i am facing saviour economic losses & lagged in carrier. This is shear disappointment.
Now i have 6 Months tenure left to get over & i have 5 months leave credit on my account, can i opt to resign & move out without paying bond penalties as i have already served over 90% of bond period & i have 5months leave pending against bond period of 6 months. Please suggest.
Thanks & Regards

From India, Pune
Vaib012,

Firstly bonds are not valid if training is not provided. If they have written on the agreement that they'd invest about 4 lacs in your training and hence bringing into effect the said bond for 5 years, and if they cannot generate the invoices for the training sessions that they gave you (since you claim they didn't train you) the bond will be void...

Second, you mentioned if it is okay to resign, adjust the available leave credits with the bond period and do away with it...

For this I would like to say even if the bond is not legally viable in your case, why do you wish to resign will answer the query...

Do you have a job in hand?

Or you wish to resign first and then look out for one?

If former is the case, I think there are a couple of legal advisors on this site who would be the right person to guide you - Prasoon sir is one of them... KPrasoon... you can search and request him to help you on this case...

If latter is the case, I would not advice you to resign and then look for job. Please understand that market scenario is very crunchy and you'd never know how long would you be sitting idle at home... You'd not know when would you be able to hunt down a suitable job. You'd not know how would your prospective employer react to when they see you've resigned (they may see it negatively)

So please clear the query for better response ahead from seniors.

From India, Mumbai

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