Hi all
I am working in an IT firm. In this firm I signed a bond/MOU with the company. Below are the details of the MOU which I have signed with company. MOU is written in fifty Rupees stamp paper.
MEMOREUMDUM OF UNDERSTANDING (MOU)
b) Mr Gaurav Singh will be under probation for the initial 1 year from the date of joining. During the probation and subsequently 2 years after successful completion of probation period he cannot leave the job on his own wish, otherwise he would be liable to compensate the organization for the training cost of Rs 2,00,000(Rupees two lakhs only) incurred on him, by making onetime payment.
c) His performance will be evaluated every six month. On completion of six months, unless confirmed in writing, it is deemed that his probation would continue further for a period of six months. Based on performance feedback and Successful completion of probation period, his permanent employment will be confirmed with XYZ company in writing. It is up to XYZ company Management to confirm his permanent employment before the completion of one year probation period based on his performance evaluation of first six month.
d) While he is under probation it is open for the management either to confirm his services or extend the probation period for next six months. The management however reserves the right to terminate his services without assigning any reason during or on completion of the probation period.
e) During and after completion of the contract period as mentioned in Clause ‘b’ he will be governed by the general terms and conditions of employment as mentioned in his appointment letter.
f) Intentional non-performance will be viewed seriously and action shall be taken by the company.
g)In case of leaving the organization before the stated period, XYZ Pvt. Ltd. Reserves all right to take legal actions for payment default and breach of contract.
Now I am about to complete my probation period at the end of this month and they are not providing me good salary hike. So for this reason I want to leave this company.
Q1) Is this MOU is Valid? If yes/no then why(IPC Section)
Q2) Can i leave this job and can switch to other without paying compensation to the company? If yes/no Why?
Q3) What are legal action which company can take against me if I leave this job without prior notice?
Q4) Can I ask company to provide me Releiving letter whrn I am in Bond Period?
For Your Information
1) Company has already terminated two employees without any prior notice and these two employees were also signed a same bond.
