Hello,
I have a friend who is working with a reputed engineering company. That company had intiated one project for which company asked to sign a bond which demands that he work with them for 3 yrs.The issues with that bonds are as follows,
1.)The bond is one sided i.e. if he leaves the company before 3 years he has to pay 3 lac Rs.
2) Who so ever wants to be a part of that project has to sign the bond. But case is that HR dept. failed to get bonds from each member of team. Out of 70 persons only 10 persons signed the bond.
3)Does the notorisation of bond is compulsory. In this case bond is being signed by my friend in November'06 . Till date it is not yet notorised.
4) Is the bond valid and will he be required to pay the company the bond amount incase he decides to quit? Is there any law which can help him avoid this?
5.) Can the company hold back his relieving letter? on what ground?If yes, on what grounds. Can he take the company to court over this matter. If yes, which Act is applicable?
6) Out of 70 members atleast 25 members who were part of team but didnot signed the bond has been released by the company. Even two employees those had signed also got released. Incase he decides to leave he would be required to pay 3 lacs to the company. Now he has a superb job offer which he wants to accept.
On what ground he can obtain the releaving letter from the company ?.
Matter most urgent . Please reply ASAP
Thanks.
BN
I have a friend who is working with a reputed engineering company. That company had intiated one project for which company asked to sign a bond which demands that he work with them for 3 yrs.The issues with that bonds are as follows,
1.)The bond is one sided i.e. if he leaves the company before 3 years he has to pay 3 lac Rs.
2) Who so ever wants to be a part of that project has to sign the bond. But case is that HR dept. failed to get bonds from each member of team. Out of 70 persons only 10 persons signed the bond.
3)Does the notorisation of bond is compulsory. In this case bond is being signed by my friend in November'06 . Till date it is not yet notorised.
4) Is the bond valid and will he be required to pay the company the bond amount incase he decides to quit? Is there any law which can help him avoid this?
5.) Can the company hold back his relieving letter? on what ground?If yes, on what grounds. Can he take the company to court over this matter. If yes, which Act is applicable?
6) Out of 70 members atleast 25 members who were part of team but didnot signed the bond has been released by the company. Even two employees those had signed also got released. Incase he decides to leave he would be required to pay 3 lacs to the company. Now he has a superb job offer which he wants to accept.
On what ground he can obtain the releaving letter from the company ?.
Matter most urgent . Please reply ASAP
Thanks.
BN