AKSHAT MADAN Vs. DARASHAW & CO PVT LTD

JUDGEMENT

(1.) THE above Application is filed by the Applicant Mr. Akshat Madan against the Respondent Company M/s. Darashaw & Co. Pvt. Ltd., for the following relief:

(2.) THE Respondent has disputed any reference to arbitration proceedings on the ground that the employment contract has come to an end and the arbitration clause no longer survives as there has been a full and final settlement between the parties and the Applicant has received his dues to his complete satisfaction and without any protest.

(3.) THE Applicant was a student of the Goa Institute of Management Studies (GIMS). 53 companies had visited the campus during 20122013 for recruitment of students for jobs which were to commence after the term ending in April, 2013, and 214 students were suitably placed in these companies. The Applicant was short listed by the Respondent Company in December 2012. After the Applicant was interviewed and before his appointment was confirmed, the Applicant was admittedly made aware of the terms of the contract, including the term that if he resigns from his employment with the Respondent within two years of his date of joining, he would be liable to pay to the Respondent an amount of Rs. 4 lacs as stipulated in Clause 19 (iii) of the Contract and that under Clause 20 of the said Contract, he was required to hand over a cheque of Rs. 4 lacs as a precondition of his employment with the Respondent, and he would furnish a fresh cheque every 2 months until the end of three years. The Respondent was entitled to encash the said cheque in the event of the Applicant committing a breach as stipulated in Clause 19 of the Contract. The Applicant at the time of being short listed issued a letter to the Respondent dated 10th December, 2012 which reads thus: