I Capt. (Retd.) Atit Kumar joined Vijaya Bank as Manager (Security) on 12 February 2015 and was relieved from the services of the bank on 28th June 2016 on account of resignation. At the time of joining I had signed a bond of rupees three lakhs , to be paid if I resigned from the Bank before completion of three years of probation. I paid the bond amount of three lakhs to get clearance certificate as I was joining another Public sector organisation. At that time I was posted at Regional Office (Patna) of Vijaya Bank. I was recruited on the basis of my work experience and the company didnot spend any money on me with regard to any special/technical training. Is there a way I can recover thye bond amount I paid.
Hello,
I am afraid that too recover amount that has been paid will be tedious and a lot more difficult. Also, please tell me have you mentioned in any document that this amount is being paid under protest ?
Also tell me the reason for this delay in claiming the bond amount?
Regards
Ypu have already paid the money and that too without protest.
If that is so then you have waived your right to challenge this payment any further.
Now there is no way you can seek legal remedy to recover the monye.
In any event you paid as terms of the agreement only and there is no illegality in it.
1)service bond is a contract, and therefore would be subject to the provisions of the Indian Contract Act. ... However, an agreement that is entered into with free will;would be binding upon parties
2)1) if company did not spend any money on your training you can sue the bank to recover the bond amount
You can very well recover this bond amount when absolutely no training was provided to you.
Service bonds are at first place illegal in India for they are in derogation with section 27 of the Indian Contract Act which says that any Agreement which is in restraint of trade and profession is void.
Still some employers enter into service bond and cleverly extract bond amount on the strength that they spent excessive amount on providing training and special skill development to the newly inducted employees and thus, to secure their position incase such employee leaves before the lock-in period, they'll forfeit the bond.
However, when absolutely not training at all was provided to you, the bond is outrightly bad and you can sue them to claim your refund.
Hi, the bond amount had to be paid as per the agreement .. However , you can file a recovery suit of you feel that the bond ( clause ) was unfair and unjust
The service bond is generally obtained to compensate the amount spent on training imparted to the concerned employee and also the financial loss due to sudden resignation by the employee.
But since there was no training given to you, there was no necessity for this service bond.
You may write to the bank to return the amount in or atleast in part thereof proportionately.
You may initiate legal action after exhausting the remedies available locally.
