Sir i am working in TCS from past 4 months there is a bond of 2 years which i have to break, due to my higher studies preparation. Since they are not providing me leave for 10 days for my preparation, i have to break the bond of 50,000 . But i have heard from other students that they charge additional 20-25k along with bond. So is this bond legal in indian panel court, and can company file any case against me , if i don't pay.... And can this effect me in my student visa process.
Asked 4 years ago in Business Law from Pune, Maharashtra
1. The Bond is not enforceable it put unreasonable restrictions or promote slavery.
2. So in your case the contents of the Bond will have to be seen.
3. If in the Bind only Rs.50,000/- is mentioned then no additional amount can be charged.
4. Breaking of Bond has nothing to do with Visa process unless the sponsor if any raises objection.
1)it is necessary to go through the terms and conditions of bond executed by you .
2)if you leave the organisation during the bond period company will seek to recover the amount mentioned in bond from you .
3) no additional amounts can be recovered from you contrary to terms and conditions of the bond
1. No more than what has been mentioned in the Bond can be charged by the Company for breaking the Bond,
2. If you break the Bond, the Company will send you a legal notice and may file recovery suit (which companies normally avoid to do),
3. However, they will certainly refuse to issue release letter & experience certificate to you on the plea of not paying the agreed amount after breaking the bond,
4. Youe VISA process will not be effective at all.