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Naresh kumar sharma (cs)     19 May 2012

Without date cheques as security

I have executed with a company an agreement that I shall work with for atleast three years and in case I leave the company before that period I shall be liable to pay six months salary as training expenses which the company has incurred and they have taken a blank dated cheque for six months salary amount which they can present if I leave the company before period and black mail me under NI ACt.

 

Please advice in the matters specially professionals.



Learning

 3 Replies

Kumar Doab (FIN)     19 May 2012

If the cheque number and amount is not mentioned in the agreement signed by you, you may issue a carefully structured communication by letter under acknowledgment addressed to the appointing authority and notify that cheque was collected from you on dated............by Mr/Ms........., designation...........department.....address........ on the pretext of ................and same is not any justified reason for which you should handover an undated cheque to the company as there is no reason, cause, debt , dues on you , hence the cheque which is obtained from you on dated........is to be read as dated...................... stands cancelled by you, and company should not present this cheque to its bankers for collection.

In all probabilities company shall become vindictive, biased, and may resort to penultimate action.

It shall be appropriate to finalize next venture and appraise the next employer in writing under acknowledgement (even if by email) the facts and that your previous employer may not issue any acknowledgment/acceptance of resignation, work experience/service certificate, FNF statement, last salary slip, etc and you can provide only copy of resignation and its POD and company may allow you to join based on these only. The company can accommodate employee.

It shall be appropriate to show your agreement and all other records you have to a competent and experienced service lawyer and give inputs in person, and let your lawyer structure your representations.

It is always better to consult elders in the family, competent and experienced well wishers, lawyer/law firm before signing on the dotted line than acting in haste and  repent later.

Ranee....... (NA)     19 May 2012

i want to know.

JANAK RAJ VATSA (ADVOCATE)     20 May 2012

you would have given the details of the cheque deposited with the employer in your bond which u had signed with the company. you would have also been binded by the clause for arbitration in case o f any dispute between you and the company. under the circumstances and to avoid wrath by the company during the period you are serving comfortably, there is no need to get unduly worried. however if you decide to leave without any notice and aginst the terms and conditions of the services, you can at any time cancel the cheque and intimate the bank not to encash the same.


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