I have come across a typical situation wherein a person employed as manager having about 13-14 years of working experience was appointed without formal appointment letter, but instead he was offered a Bond under service contract for joining.
The Bond has only one major clause that the manager will work for a period of x years & under any circumstances if the manager decides to have a change or quits the employment before the said period, the manager has to pay Twice the CTC as damages along with 15% interest for delay in payment.
The manager has not been sent on any special training, nor any extra expenditure has been incurred by the company on Manager's grooving.
I would like to know the legalities involved in the subject matter, as my gutt feeling says that he should simply resign for better prospects and move out giving 30 days notice to the employer.
Please give appropriate advice alongwith case reference if any.
Regards,
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The Bond has only one major clause that the manager will work for a period of x years & under any circumstances if the manager decides to have a change or quits the employment before the said period, the manager has to pay Twice the CTC as damages along with 15% interest for delay in payment.
The manager has not been sent on any special training, nor any extra expenditure has been incurred by the company on Manager's grooving.
I would like to know the legalities involved in the subject matter, as my gutt feeling says that he should simply resign for better prospects and move out giving 30 days notice to the employer.
Please give appropriate advice alongwith case reference if any.
Regards,
[Login to view]