Hi Seniors,
What should the value of Stamp paper be for a bond given by employee for repayment of losses, damage, amount spent on training and the employee opts to quit the job, without complying to the service commitment made by the employee after completing the training ?
Should it be a bond or an Agreement to make it legally more effective ?
Whether it should be registered or notarised for initiating any legal action by the employer ?
Your advice requested.
Joe

From India , Pune
As per Sr. No. 35 of SCHEDULE - I of Bombay Stamp Act Stamp Duty on every Indemnity Bond shall be Rs. 200/-.
From India ,
Hi, I have come to know that such types of BONDS are illegal especially if they are one-sided. Eventhough, if it's legal, could anyone please let me know whether Bombay Stamp Act is applicable to Gujarat also. If not, does Gujarat state has its own Stamp Duty Act?What will be the amount of Stamp Duty applicable for such a bond in Gujarat, if it's ranges from 1 to 50,000 and 50,001 to 1,00,000 and more than that ?
From India , Ahmadabad
Dear Joe,
As regards agreement there is a principle that if loss that arise from the breach of an agreement can be compensated in terms of money, than there cannot be a direction from the court to specifically perform the contract. Therefore, in case an employee has agree to stay in the organisation for a period of two years provided the company spends money on his training and he fails to perform such a contract. The company can ask for damages from such employee. The process for prosecuting an employee for damages is a tardy or a difficulat process and involves expenditure in form of lawyers fee. Alternatively a cetain amount of money should be kept away from the salary of the employee that would be given to him once he completes two years with the Company. This would help the organisation to cover its cost on training.
regards
Aditya

From India, Delhi

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