Contract service employment
AU
(Querist) 15 August 2013
This query is : Resolved
I am employed with a very well known company in the industry, but it has made me sign a bond to serve company minimum 24months. (In lieu of training to be provided to me). And in case bond is broken, I will have to pay a sum of amount rupees which is equivalent to 50% of its total CTC i.e. If total CTC is 12lakh, then he will have to pay an amount of Rs. 6 lakh if the bond is broken.
Now I have completed 2 months only with this company and am I not satisfied working here.
As I am still in probation period, I thought of resigning from the company and the bond will not be in lieu as I am still not confirmed. But before resigning, I plan to inform my manager and then put down my papers.
I also had an option of absconding but wanted to leave company in a good note by serving notice period of one month. But company wants me to pay 50% of Total CTC.
Now company is threatening me to pay bond amount which is equivalent to 50% of Total my CTC and is also not ready to provide me with relieving and experience letter. Company offer letter which is on its letter head states that I can leave the company by giving one month notice period during probation of 6 months. On the other hand they have also made me sign a bond which is on Rs.100 stamp paper which states- pay bond amount if I leave before 18 months.
So which document has higher weightage here -Company Letter Head or stamp paper.
Can you please guide me what are the options available with me and which will be a better option.
Devajyoti Barman
(Expert) 15 August 2013
Since there is two sets of agreement, you can adopt the one which is in your favour.
Since a one montn notice clause is there, the company can no more insist you to pay the half of CTC.
So serve the notice period and go for other job. However you may risk the not having release letter.
AU
(Querist) 15 August 2013
Company has taken laptop which was offered to me but still has not provide acceptance to my resignation and is threating me to pay money within a week and I still have 20 days of my notice period.
HR say they will provide negative feedback about me to new employer. And write letter to my new employer higher management.
Nadeem Qureshi
(Expert) 15 August 2013
Dear Querist
Both Agreement and Bond are enforceable, the company have right to file a civil suit for recovery against you if company want to recover the money as per terms and condition of the bond.
R.K Nanda
(Expert) 15 August 2013
nothing to add.
Devajyoti Barman
(Expert) 15 August 2013
Not giving a release letter is not a bright aspect for you. Think about it.
You may however file a civil suit and pray for injunction so the company may not give adverse remark in your new company.
Rajendra K Goyal
(Expert) 15 August 2013
You have submitted a bond and the same is enforceable. This is general culture of private employers. Contact local lawyer with all the documents to advise you accordingly.