Legal Question in Employment Law in India

service bond

Sir

I am an employee of central bank of India working in the capacity of Asst. Manager IT and posted at mumbai. Sir I had undertaken a service bond on non judicial stamp paper for the period of 3 years for the amount of Rs. 2(Two) Lakhs.The bond is an undertaking signed by me only and the notary public. Sir I want to ask few questions as follows:

1)Is bond is transferable from one PSU to other,PSU to govt. sector,PSU to state govt., PSU to govt. undertaking, PSU to navratna or mini navratna and vice versa.

2)Is service bond if paid the whether it would be in pro portionate basis.

3)Our organisation had changed the policies in respect of transfer and promotion after joining then, is bond is valid as per mentioned in the advertisement.

Kindly answer my question so that i can move up in my career. Pls., attach if possible the govt. guide lines that is gazzate notification etc.

Thanks & Regards,


Asked on 8/02/07, 1:09 pm

3 Answers from Attorneys
kavitha balakrishnan kpp associates

Re: service bond

i think you are a bit confused! the service bond is a means of tie up with the employee - incase you prefer to leave the company within the stipulated period then the company or Bank will use it to realise it and compensate the loss. Mostly it will not be in transferable form. The bond is only for keeping the employee binding

they are not negotiable instrument

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Answered on 8/03/07, 12:03 am

Re: service bond

1. No.

2. It depends upon the terms of

bond/undertaking.

3. In case of change of police of the

company the bond does not mean

that bond ceased to its validity

or absolve the employee.

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Answered on 8/02/07, 1:20 pm
Homi Maratha N.N. Maratha & Co.-Advocates

Re: service bond

as far service bond is concerned its a tie which bonds an employee

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Answered on 8/06/07, 6:54 am


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