What to do if a bond signed and cheque given and dishonored

737 votes

Hi, It is necessary to know whether the Company has invested or spent for your training or development from the date of execution of the undertaking and important to assess the valuation of that investment till date and reason for signing the undertaking to be arrived.
If you have issued signed blank cheques, to recover amount the Company has filed case under NI Act. As the suit is already filed, it has to be proved in the court on exchange of transactions, purpose, etc. Let me know if you need help to deal with this case further or for any negotiations with the employer.

Advocate Rajesh Kumar K LawRato

660 votes

Bond amount becomes due only if you have defaulted on the conditions of the Bond. Based on your query it appears that you are still employed with the Company, and the company has deposited the security cheque that you have given, which is clearly in violation of the terms of the Bond.

However, if you have resigned from the job before the term of the Bond is complete, the merits of your case will depend on the conditions of the Bond. Since you have not specified the conditions of the Bond, it would be difficult to give an opinion.

Regarding the cheque bounce case, if the company has already filed the case, you will have to appear before the Magistrate and offer your defense. Your defense will once again depend on the terms of your bond. Therefore, it is imperative that you share the conditions of the Bond before you seek an opinion.

Advocate Vijay Belavadi LawRato

886 votes

The terms and conditions of your offer letter has to be perused and under what circumstances you have left the company is to be known as you have signed the bond for 4 years and left in between. As per my knowledge the bond is not valid to hold the employee or take action against on bond

Advocate Rajesh K.S LawRato