Oh man, this was the assignment given to me during my Business Law course in my post grad mgmt program
. I have given the wrong answer, and was awarded with negative marks.
Anyhow you fail fast and you learn faster. What Prof.
told to us was as follows:-
In Indian law, there is no term called employment bond. When you sign an employment bond, its a contract between you and your employer(Under Indian contact act 1872). If you have signed the contract, it a valid and totally legal. If you break the bond(which in legal terms is a contract), you are entitled to compensate your employer with the amount mentioned in the bond(I mean contract).
If you break the contract, they may file a criminal case or civil cast against you. But big corporates avoid it for the reason that lawyers fee will be much higher than the compensation you will pay to them. Further , every one knows that in India civil cases takes too much time(you will start it and your grand kids will finish it).
So I will suggest, stay with your company and complete your contract, or if you decided to leave, be prepared to give compensation mentioned in the contract to your employer.