My Employer has taken an undated cheque of Rs. Five Lakh to serve the company for three years. Is it legal? Can I make a stop payment to cheque.
I have signed a Bond with the employer.
Below is the signed bond:
1. Know all men by these present that I, My Name s/o Father's Name, resident of my address (Employee) have joined my service as Project Lead
with XYZ (India) Pvt. Ltd., address in India (hereinafter referred to as the Employer) in pursuance to the Appointment Letter dated 4th April
2. I have to serve the Company for a period of minimum three years with effect from the date of Joining. I can give a notice in writing to the
Employer at least forty five days prior to leaving the job only after completing minimum three years of service at Company or Client premises.
3. That I shall be bound to Work for to my employer ar/at onsite (client side) projects, which has been assigned to me during the course of my
4. In the Course of my employment with this company I cannot work/serve other employers or client directly as employee/Consultant.
5. In case, I do not serve the above conditions with effect from date of joining, I shall be liable to pay a sum of Rs. 5,00,000/- (Rs. Five lac
only) to my employer.
6. This bond is applicable in case your H1B petition gets approved.
7. In case on Non-approval of H1b petition, terms and conditions as per your appointment letter will be applicable.
1. This is reference to the bond number 478820 attached, that was signed with XYZ (India) Pvt. Ltd. on 4 April, 2013.
2. I, MyName s/o Father Name, resident of myaddress, am currently working as Project Lead with XYZ (India) Pvt. Ltd.
3. XYZ (India) Pvt. Ltd. is a 100% subsidiary company of XYZ LLC USA(hereinafter referred to as the Employer)
4. I am being transferred to XYZ LLC, USA via visa number xxx and petition number xxxx.
5. I have to serve XYZ LLC, USA for a period of minimum three years with effect from 14-Oct-2013.
6. That I shall be bound to work for XYZ LLC, USA /its subsidiaries /clients as per the work requirements.
7. I shall, during my service with XYZ LLC, USA will not engage directly or indirectly in any business or service other than the company's
business and service.
8. In lieu of the bond, I am submitting a cheque of Rs. 5 Lakh, number 999999 drawn on Bank, ICICI Bank in favor of XYZ (India) Pvt. Ltd.
9. In case, I do not serve the above terms and conditions with effect from 14-Oct-2013 for whatsoever reason, the Company reserves the right to
encash the cheque of Rs. 5,00,000/- (Rs. Five lac only).
Date: 9/10/2013 11th January 2014 From United States, Rochester