Presently I am working as an Administrative Officer in The Oriental Insurance Company Limited, a Public sector general insurance company. Now at the time of joining we have undertaken a bond amounting 1 year gross salary, for a service period of 4years.
As per today, I am selected for West Bengal Civil Services, Group A services after 8months of service.
My question is whether I'll be forced to pay the bond amount? What is the possible way out I want to avoid to pay the bond amount?
Asked in Labour from Kolkata, West Bengal
Please provide me relevant copy of any circullar in this regard if available
Asked 2 years ago
The agreement itself will have the necessary details as to when and how the bond can be demanded. If the agreement allows a proviso then that too needs to be considered. it is important that you let them know with a proper letter invoking such proviso in the agreement if any is available to you.
In case they decide to challenge you and demand the money they have to do so through court and that will anyway take them lot of time and effort which i do not think they will be willing to do. If however they do not release any document of yours then you yourself can file a writ against them and demand your documents bank. you are lucky to have such remedy available considering the company is a PSU.
There is no circular in this regard.