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Sarath (Research Member)     05 April 2010

Service Bond

Hi 

This is Sarath from X organization, PSU. I have been selected in the campus interview for the organization. During our placement the X organization told pay A amount and a service bond to be signed for Rs 50,000. But one month before joining we received a offer letter with only basic stated in it and also the bond amount of Rs. 3,00,000/-. I have signed the bond on Rs 100 stamp paper and also submitted all my certificates earned till now. Now, I want to continue my education for which bond is a hurdle. Also they are giving less amount than promised. What are the chances that I can come out of the company by paying the old Rs. 50,000/- bond amount only. Please do reply?

Thanks in advance

Regards

Sarath



Learning

 3 Replies

Vinod kashyap (Advocate & Legal advisor)     06 April 2010

Company can only recover amount incrrude on your training. If promise of specific pay is in writing you may claim the same.  

1 Like

Sarath (Research Member)     08 April 2010

Hi


Are there any instances when a person came out of service bond by paying less amount by going through judicial proceedings. If so, please you share your experience.

Thanking you
Regards
Sarath

Kuljit Pal Singh (Legal Professional)     08 April 2010

Dear Friend,

There may be some provision of Arbitration in your bond, use it, and try to make settlement with the Company.

Such kind of bonds can be  challenged u/s 19, 23 and 28 of the Contract Act.

Regards

1 Like

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