Bsnl bond agreement-2
Harekrishna Sahu
(Querist) 07 October 2018
This query is : Resolved
I had executed a bond with BSNL to work 5 years after completion of training otherwise I have to pay 200000 with 18% interest p.a.,before training I had appeared an interview in another psu, during the training period I got selected in that PSU .So I left my training not completed it and submitted my resignation in BSNL I want to know that Is bond applicable ? Will bond be transfer ? Is relieving require to join in other organisation?
BOND AGREEMENT
This agreement is made at ………………………………this………………………day
of…………………………betweenShri/Smt/Kum…………………………………………………………son/daughter/wife of Shri/Smt/Kum………………………………… resident of …………………………………………… …………………………………………………………………… ….…………………………………………………(hereinafter called the Trainee which expression shall unless excluded or repugnant to this context be deemed to include its successors/ assignees, executors, legal heirs, administrators) of the FIRST PART and Shri/Smt/Kum………………………………………………………………………son/daughter/wife of Shri………………………………………………………………… resident of ……………………………………………………….. …………………………………………… …………………………………… (herein after called the Surety which expression shall unless excluded or repugnant to this context be deemed to include its successors/assignees, executors, legal heirs, administrators) of the SECOND PART and BHARAT SANCHAR NIGAM LIMITED a Company incorporated under the Companies Act , 1956 having its Registered Office at BHARAT SANCHAR BHAWAN, Harish Chandra Mathur Lane, Janpath, New Delhi-110001 (hereinafter called BSNL which expression shall unless excluded or repugnant to this context be deemed to include its successors/ assignees, executors, legal heirs, administrators) of the THIRD PART acting through Chief General Manager, Telecommunications, Gujarat Circle, Ahmedabad is authorized official.
WHEREAS the trainee has been selected by the BSNL for training in the Cadre of Junior Account Officer at BSNL Training Centre for a period of 10 (Ten) weeks/years and the trainee has agreed to undergo the same on the terms and conditions contained hereinafter.
AND WHEREAS the BSNL shall spend a substantial amount for the training of the trainee and shall pay a monthly stipend at the rate applicable from time to time during the pre – appointment training period at specified location (s) as may be decided by the CGMT.
AND WHERES the sum of Rs.5000/- (Rupees Five Thousand only) has been deposited by the trainee Shri/Smt/Kum………………………………………………………….in favour of Accounts Officer (Cash), BSNL, O/o CGMT, Gujarat Circle, Ahmedabad vide Demand Draft No………………………..dated ………………….. as interest free security for due fulfillment of conditions of this agreement.
Now these presents witness and it is hereby mutually agreed and declared by and between parties hereto as follows:
1. BSNL shall provide training, the nature and duration of which shall be determined by the Chief General Manager NATFM Hyderabad (herein-after referred to as the CGM NATFM) whose decision in this behalf shall be final and binding.
Provided that the CGM NATFM may at any stage without assigning any reason discontinue his training, if in his opinion (which shall be final and binding), the trainee appears to be unlikely to be an efficient Junior Account Officer.
2. The said trainee shall:
(A) Undergo the course of training at any BSNL training Center, selected from time to time by the CGM NATFM.
(B) Undergo such training at the said places with due diligence and comply with the instructions of all authorized officers in regard to training and discipline at the said places.
3. THAT the trainee has agreed with the company that after completion of the training, he/she shall serve BSNL in such department or departments at such place or places in India in such capacity in connection with BSNL`s business as BSNL may require from time to time, for at least 5 years after completion of aforesaid training, on terms and conditions contained hereinafter and in accordance with the Rules and Regulations of BSNL as applicable from time to time to such trainees.
4. THAT the BSNL has called upon the trainee to furnish a Bond to the extent of Rs.2,00,000/-(Rupees Two Lac only) for indemnifying the Company against all loses or damages which the BSNL may suffer by reason of the breach of the terms of this agreement by the trainee.
5. THAT the Surety, at the request of the trainee, has agreed to give a Bond for said sum of Rs.2,00,000/-(Rupees Two Lac only) in the manner hereinafter appearing.
6. THAT the Trainee and Surety have agreed that in the circumstances if the trainee commits breach of any conditions of this Agreement or, in case the training of the said trainee is discontinued under the provisions to clause(1) above and the CGMT is satisfied that the failure of the trainee to reach the necessary standard is due to his/her work (the decision of the CGMT in this behalf being final), or in case of continued adverse reports regarding his/her conduct or his/her political activities directed against the Government of his/her Country /BSNL, or if the trainee voluntarily quits for reasons not beyond his/her control any time during the course of training, or on completion thereof does not serve the BSNL for a period up to five years or during such period of service does not carry out his/her duties with diligence. BSNL shall have full powers to forfeit the amount of security deposit without any notice to the trainee and surety. Trainee & Surety have further agreed that they are jointly or severally shall pay forthwith to the BSNL on demand an amount of Rs. 2,00,000/- (Rupees Two Lac only) as Bond amount along with the interest @18% p.a., which BSNL may suffer by reason of the Breach of the conditions of the Agreement and upon the trainee and/or the surety making such payment, the above written bond shall be void and of no effect, otherwise it will remain in full force and virtue.
7. THAT Liability of the surety hereunder shall not in any manner be affected by any time granted to the trainee or any other indulgence which may be shown to him/her in respect of the recovery of the said money(s) by BSNL or shall it be necessary for the BSNL to sue the trainee before suing the surety for the amount due hereunder.
8. THAT during the continuance of this agreement the trainee shall not, without the previous consent of BSNL, enter the services of, nor be employed in any capacity, whether advisory, executive or otherwise or for any part of his time by any person, company undertaking or concern other than BSNL. Similarly, the trainee shall also not undertake /commence any business or trade etc., of any kind without prior permission of BSNL.
9. THAT during the period of this Agreement, the trainee shall confirm strictly to all Rules, regulations , instructions, bye-laws , etc., of BSNL and work diligently and faithfully and obey all lawful commands of his seniors.
10. The trainee shall devote his whole time and attention to the business of BSNL as above mentioned and shall not participate, be engaged or be interested or concerned, directly or indirectly, in any other business or occupation of any kind or nature whatsoever.
11. The trainee shall at all times conduct himself/herself in a manner befitting his/her position and the prestige of BSNL and show civility to and strictly obey and carry out all lawful orders and instructions of all persons placed by BSNL in authority over him and shall in all things use his best endeavor to promote the interest of BSNL in its business and will not utilize or divulge to any person, any of BSNL`s or his/her connections, trade, secrets or affairs. He/She shall also observe and conform to all the Rules and Regulations and arrangements of BSNL for time being in force and amended from time to time for the control of BSNL staff.
12. In witness whereof, the trainee and the surety have here unto set their respective hands and BSNL has here unto caused their signatures on his/her behalf to set his/her hand this the …………………….day of ……………………………… …… ……………………..
M V Gupta
(Expert) 08 October 2018
Hope you have mentioned reason for not continuing the training in your resignation letter and the same is accepted by BSNL. You have to obtain relieving orders for joining the other PSU service. BSNL can enforce the bond only if they have sustained loss or damage on account of your not completing the training and not serving the company. It will be very difficult for BSNL to prove loss or damage. In my view they may not enforce the Bond. But may forfeit security deposit of Rs, 5000/-.
Dr J C Vashista
(Expert) 09 October 2018
Contact, consult and engage a local prudent lawyer practicing service matters for better appreciation of facts, guidance and proceeding.
