Employment bond and bond money
Hi Hello sir, I am working as Software Professional. Recently I have resigned from one company joined another company( Client ) outside India. And My previous company(XXX IT) was sold to another company(YYY IT) . and I was singed a bond to the previous company(XXX IT), I have not signed any appointment letter from the New Company ( YYY IT) , is it legally valid to the New company(YYY IT) to ask bond money from me ?
No, the contract does not automatically get transferred to YYY IT, and therefore it cannot ask for money from you, unless your initial contract with XXX IT mentions so. In addition, such employment bonds cannot be enforced if the money to be paid under them is excessive in nature.
You can read more about employments bonds, their fairness and validity, and what courts have said about employment bonds, at http://lawfarm.in/question/employment-bond-is-not-fair/
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