Dear Sir,
I have been working with a pharmaceutical company and signed a bond for 5 years with the condition that if there is a breach of this agreement, I will need to pay the employer 400,000 Rs/-. The stamp paper was purchased before 1 year, meaning in March 2009, and we used that stamp paper in March 2010. Currently, the employer and the working conditions are not satisfactory on humanitarian grounds. I would like to quit from there. Kindly clarify what the legal status is. Am I liable to pay 400,000 or not?
Regards,
Rakesh
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I have been working with a pharmaceutical company and signed a bond for 5 years with the condition that if there is a breach of this agreement, I will need to pay the employer 400,000 Rs/-. The stamp paper was purchased before 1 year, meaning in March 2009, and we used that stamp paper in March 2010. Currently, the employer and the working conditions are not satisfactory on humanitarian grounds. I would like to quit from there. Kindly clarify what the legal status is. Am I liable to pay 400,000 or not?
Regards,
Rakesh
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An agreement of bond is illegal, and therefore, the agreement made on the stamp paper (which itself is stale because the validity of a stamp paper is six months from its date of issue!) need not be taken seriously.
Regards,
Madhu.T.K
From India, Kannur
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4483Regards,
Madhu.T.K
From India, Kannur
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Dear Sir,
In India, there is an act of Bonded Labour abolition. If in the terms and conditions of your employment it is mentioned that the company will incur some expenses over your training, then it may be possible that the amount which the company had spent on your training shall be recovered from you.
Validity of the bond is as Madhu sir stated exactly.
Mangesh Wakodkar
Aurangabad.
From India, Pune
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In India, there is an act of Bonded Labour abolition. If in the terms and conditions of your employment it is mentioned that the company will incur some expenses over your training, then it may be possible that the amount which the company had spent on your training shall be recovered from you.
Validity of the bond is as Madhu sir stated exactly.
Mangesh Wakodkar
Aurangabad.
From India, Pune
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I think non judicial stamp paper has validity for six months, but what about judicial stamp paper. Amol N Dakhole
From India, New Delhi
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From India, New Delhi
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Dear Sir,
I am Tejas, working in a pharmaceutical company. In March 2010, I signed an agreement with my employer for a 5-year bond period. At that time, the company management promised many things, based on which I signed the agreement. However, these promises turned out to be mere assurances and were never fulfilled.
The employer purchased stamp paper for the agreement in March 2009, and we entered into/signed the agreement in March 2010, after one year. Now, I want to quit this employer, and as per the bond paper, I am supposed to pay 400,000 Rs if I am unable to complete my 5-year contract. Our head office is located in Chennai, and they have deployed me in Africa for the company's interests.
My question is, can an employer hold an employee bound by a bond paper and potentially end their entire career? The bond paper is 1 year old at the time of the agreement. Is it still valid, and does the agreement hold any legal status since it was written on 1-year-old stamp paper? Am I liable to pay the 400,000 Rs as mentioned in the bond?
Kindly advise me.
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I am Tejas, working in a pharmaceutical company. In March 2010, I signed an agreement with my employer for a 5-year bond period. At that time, the company management promised many things, based on which I signed the agreement. However, these promises turned out to be mere assurances and were never fulfilled.
The employer purchased stamp paper for the agreement in March 2009, and we entered into/signed the agreement in March 2010, after one year. Now, I want to quit this employer, and as per the bond paper, I am supposed to pay 400,000 Rs if I am unable to complete my 5-year contract. Our head office is located in Chennai, and they have deployed me in Africa for the company's interests.
My question is, can an employer hold an employee bound by a bond paper and potentially end their entire career? The bond paper is 1 year old at the time of the agreement. Is it still valid, and does the agreement hold any legal status since it was written on 1-year-old stamp paper? Am I liable to pay the 400,000 Rs as mentioned in the bond?
Kindly advise me.
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Bond of Employment.doc
Bond in employment.pdf