Legal Question in Employment Law in India

In Jan 2010 i joined a software firm and i signed a bond of 2 lakhs for a period of 2 years. On May 30 2011 I resaigned from the comoany due to some family problem. Now the company send me a notice regarding submission of 2 lakhs plus 18% interest on it. Please help me in this regard. What should i do know . I am not in a condition to fill this amount . Please help


Asked on 7/03/13, 10:22 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

04.07.2013

Dear Sir / Madam,

The Company has erred in sending you a notice for the entire Rs. 2 lakhs again. Since you have already worked in the organization for a period of 1 year and 5 months, the pro rata shortfall performance bond reimbursement amount (remaining 7 months) to the Company works out to Rs. 58,333.33ps and if we are to add the interest thereon till date, the interest outstanding sums up to Rs. 10,500/- totalling to Rs. 68,833.33ps (Rupees Sixty-Eight Thousand Eight Hundred Thirty-three & paise thirty-three only)

If you are presently self employed or doing your own business, you should settle the above amount in one shot. If you are still unemployed, you should give the Company an undertaking that you will repay the above amount in ___ instalments of Rs ____ each.

Regards,

Read more
Answered on 7/04/13, 12:42 am


Related Questions & Answers

More Labor and Employment Law questions and answers in India