Legal Question in Banking Law in India

Recently i have selected in software company. they are demanding cheque of 1 lac rs for the bond of 1.5 year as the security perpose. and the aggrement between me company is that if i break the bond it will enable them to withdraw the cheque, and if i don't they won't be able to do this.and i don't know about the company weather it is leagle authorised or not.
Is there any type of cheque provided by bank that are only payable on the verification of account holder at the time of withdrawl ?????
or any rule or regulation of bank that can hold my cheque to be withdraw untill my permission.?????
if i submit the bond agrrement to the bank,, would it be helpful for me to not get worried about my cheque.....?????
kindly give me suggestion as early as possible within 5 days
thanks

Asked on 3/10/12, 4:49 pm

2 Answers from Attorneys

J. Radhakrishnan independent Practice

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There is no type of cheque provided by any bank that are only payable on the verification of the account holder. It is advisable not to give the cheque. If you give the cheque favouring the company, have it crossed account payee only and hand over the same to the company if only they acknowedge receipt of th e particular cheque as being given to t hem for security purposes and cannot be presented unless they issue notice of breach of the bond terms.

Answered on 3/11/12, 8:07 am

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