Hi All,
I am a Chartered Accountant. I have joined a Pvt Ltd. IT company as a Finance executive. At the time of joining, they had me sign an agreement stating that the "employee will be liable to pay Rs. 50k, incurred on training, in case he leaves the organization within 1 year." The same agreement was signed on the Company's Letterhead.
My question is, whether such an agreement is valid as per the Indian Stamp Act? Shouldn't it be on Judicial or non-judicial Stamp paper? Can the company recover such an amount from me, as I haven't been provided any training?
Furthermore, at the time of joining, I wasn't informed of the scope of duties exactly. After my joining, I discovered that I have to clear a backlog of 4 months. Now, I am feeling immense pressure as I cannot handle the backlog as well as the routine daily work.
So, if I submit my resignation, can I argue that you can adjust Rs. 50k and 2 months' notice pay against the extra work done (outside my scope/not informed to me)? Can I revoke the agreement, stating it's not legally valid as it is not on Stamp paper?
I would appreciate it if anyone could guide me on this issue.
Thanks to all in advance. Awaiting some kind of positive response from all of you.
Regards
I am a Chartered Accountant. I have joined a Pvt Ltd. IT company as a Finance executive. At the time of joining, they had me sign an agreement stating that the "employee will be liable to pay Rs. 50k, incurred on training, in case he leaves the organization within 1 year." The same agreement was signed on the Company's Letterhead.
My question is, whether such an agreement is valid as per the Indian Stamp Act? Shouldn't it be on Judicial or non-judicial Stamp paper? Can the company recover such an amount from me, as I haven't been provided any training?
Furthermore, at the time of joining, I wasn't informed of the scope of duties exactly. After my joining, I discovered that I have to clear a backlog of 4 months. Now, I am feeling immense pressure as I cannot handle the backlog as well as the routine daily work.
So, if I submit my resignation, can I argue that you can adjust Rs. 50k and 2 months' notice pay against the extra work done (outside my scope/not informed to me)? Can I revoke the agreement, stating it's not legally valid as it is not on Stamp paper?
I would appreciate it if anyone could guide me on this issue.
Thanks to all in advance. Awaiting some kind of positive response from all of you.
Regards