Dear Friends,
I am working in a PSU, since 1993. During Induction it was told to us that in India, as per a SC judgement, Bond is illegal with respect to employment, as it is one sided.Most probably abolotion of bonded labour and Article 19 or something like that. I don't remember exactly. Also Art 368 of IPC is applicable if your company holds your documents/letter or threaten any legal suit. Any complain on the company invites exemplary penalty on directors/owners. Giving these details they assured as fair treatment and no obstruction to ones wanting to leave.
As far as notice period is concerned, it is balanced contract, and you must serve or pay for notice period.
The bond for serving a minimum period because of training imparted/ personality development is enforcable if your training is given by some third party or sent to personal grooming school, management school at the cost of company. on job training and training in company's training centre can not be an excuse for a this type of bond.
All this are your legal rights,but in practice, because employee are weaker than employer, we adjust and compromise. Like your background verfification can be poisoned or your previous boss may jump job and join as your boss in current company.You only can take an informed decision
Prem