Hi Experts,
I would like to know the legal status of an service aggrement or bond executed on white paper by my company.
I works for XYZ company(not interested to disclose) usually send employees to US for training on B1 Visa(which stands for business meeting) after executing a bond/service aggrement of 6 months to be with company after return i.e 4 months and 2 months notice period.
Just before I was about to travel company has changed its policy and made it 1 year excluding notice period and I had to sign before I travelled.
The agreement was created such a way that they took a printout on a regular A4 size paper and mentioned the terms and got it signed. and with a clause that if I have to leave the Organization (at my will or due to some reasons from company side) prior to the stipulated period I have to pay a sum of 2 lakhs.
Is it enforeable by law in India in the absense of any stamp paper ? or can they now get it stamped on the already executed aggrement or after it was signed by me.
Your prompt response is highly appreciated.
Thank you.
Regards,
Kathikeyan.