Learned Mr. Nadeem has given valuable advice. Kindly follow it.
In your specific query you have the right, and you must submit your protest/dissent, at once, under proper acknowledgment, in writing in a gentle manner, addresses to your appointing authorities. Employer may;
-ask you to resign and if it happens you can ask for waiver of notice pay. You may however submit notice of resignation (under proper acknowledgment by redg post and one copy under acknowledgment at mail counter of the company) with effective date of resignation clearly mentioned in it. You may utilize the time to finalize your next venture. You can withdraw the notice if required before effective date of resignation. You shall need to apply your negotiation, persuasion, persistence, persuasion, skills and support from your line management, HR. Be smart.
-terminate the contract citing a reason or without a reason. In both cases you can contest. If you have already, submitted your protest/dissent under acknowledgment, this can help you.
Some organizations declare the condition of service bond even in advertisement, and later in offer letter, appointment letter. However, the huge, harsh, unreasonable, unjustifiable, penalties can be contested. But it is always better to consult elders in the family, competent and experienced well wishers, lawyer/law firm, before signing on the dotted line, without understanding the implications, and suffer later.
