How to escape Bond Money

vishnudev

if a person who has just joined a PSU last month and had to sign a 3 Lac Bond before joining, now wants to leave the company.

he will change city, phone number and address.

he will close the salary account that is with PSU.

the address of the guaranteer is wrong in the Bond Affidavit.

of course PSU will send a legal notice at the address but no one would be there to receive it..


what are the options for PSU?? how far can they go??? what can be the future repurcussions for the Employee.

vandana70

If they really want to go after you, they can register a case of cheating against you and may be get a warrant issued against you. They will be within their rights to do so.

Generally PSUs don't go to that extent.

In any case, if you are joining government, you can apply for exemption from bond. It is allowed as a matter of routine.

vishnudev

can the PSU exempt the Bond if the person concerned is joining another Govt entity?

vandana70

can the PSU exempt the Bond if the person concerned is joining another Govt entity?

Yes. They can.
If it is another government entity, exemption is generally a routine matter.