Hi Bharghav, maybe the company you have resigned from is facing a situation where your inputs are valuable and maybe you have not realized it. Maybe the lure of a good salary is tempting you to move on. In this case, where your boss's boss is unwilling to let you go, I presume it is some kind of a setup with multiple layers of supervision as in an IT or ITES. Talk to the main guy and ask for a promo or a better salary compatible with what you are being offered. Make it deadline - based. And also refer to the previous input on the Tribunal front. In India, there is no such thing like many other countries as 'bonded labour' while in reality a lot many people resort to it. So, talk professionally and legally. But do not bring in legalities initially. Tell him that you are resigning because you do not intend to work anymore with this organization. It is simple and straightforward and no one can compel someone to work against his / her will. Get your resignation letter acknowledged and also meet the Head of HR in the company. They know more legalities and would like to avoid it at any cost. If you play your cards right the big boss will buckle under pressure as he is wrong. And there is no bond / bonded labour out here.
While doing all these keep the new company informed on every aspect. That will help later on in case the old company publishes your photo in the newspaper. Some of them are doing it nowadays although it is highly objectionable, questionable, and illegal unless approved by an appropriate legal authority.
Happy successful New Year.
Saurav Das