I am working for an R&D based organization in Bangalore. In this company, freshers are asked to execute 2 yrs bond at the time of joining. The bond is signed by 1.the employee 2. his/her parents or relatives along with 2 witnesses, in a 100Rs bond paper.
Concern:
One such employee has given his resignation letter. He wants to go for higher studies, which is a full time M.Tech program. He has just completed 1 yr in our organization and will complete his bond period in August 2010. As per the agreement, he has to pay 1yr CTC as compensation to the company, in case of breach of contract.
Query:
1. Since bond is not valid in India, would company be able to recover the money?
2. If the employee moves legally, is there any chance by which company can win the can in court?
Regards
Indulekha
Concern:
One such employee has given his resignation letter. He wants to go for higher studies, which is a full time M.Tech program. He has just completed 1 yr in our organization and will complete his bond period in August 2010. As per the agreement, he has to pay 1yr CTC as compensation to the company, in case of breach of contract.
Query:
1. Since bond is not valid in India, would company be able to recover the money?
2. If the employee moves legally, is there any chance by which company can win the can in court?
Regards
Indulekha