SERVICE AGREEMENT BOND

THIS AGREEMENT is made at Ahmedabad, on this 29th September, 2023, BY AND BETWEEN
Harikrushna Machines Pvt Ltd, a company incorporated under the provisions of the Indian
Companies Act, 1956, having its registered office at Harikrushna Machines Pvt Ltd, Plot no
513, Phase IV, Vatva G.I.D.C. Ahmedabad 382445. Hereinafter referred to as the “Company”,
which expression shall unless repugnant include its directors, officers, successor, assigns of one
part
AND

WHEREAS the company has appointed the Employment as “Head”, for a period of three year,
by Appointment Letter, dated 26th September, 2023 and subsequently after the completion of the
agreement, it is at the sole discretion of the organization weather to consider the Employee for
the permanent employment or not.

The Company shall assess the performance of “Employee” during the agreement period, and if
Company is satisfied with performance of the “Employee”, then at the end of the agreement
period, Employee will be appointed as an “on roll employee” in the Company’s service on
confirmation basis provided the Company informs him accordingly in writing and he/she agrees
and undertake to serve the Company from the date of such appointment. Further Employee also
agrees and undertakes to sign the necessary Service Bond Agreement with the Company in this
regard.

AND WHEREAS the Employee has agreed that above appointment as an “Head” shall be valid
subject to the condition that he/she shall agree and undertake to serve the Company for a
minimum period of three years from the date of such appointment read with clause numbers 11
and 12 of his/her Appointment Letter dated 26th September, 2023, as Head Subject to the terms
& Conditions of the above mentioned clauses, he/she shall also be required to execute
necessary bond for the same as may be required by the Company from time to time, subject to
terms and conditions hereinafter mentioned.

AND WHEREAS the company shall incur substantial expenditure on the Employee in terms of
Employment cost during the period of his/her engagement/appointment as Head for a period of
three year, the company desires that as per the pre-condition of appointment of Head of
department, subject to the above clauses of his/her appointment letters, to bind the Trainee, on
completion of the training as Graduate Engineer Trainee, to serve the company for a minimum
period of Two (02) years from the date of joining with M/s Polycab India Limited, so as to
enable the company to utilize the skills/knowledge so acquired by the Trainee by virtue of the
training/development in furtherance of its business activities and in order to ensure that the
objective of providing above training is fulfilled and the Company will avail the benefits of the
training of the Trainee and as such the Trainee will diligently and efficiently serve the Company
for a specified period mentioned above and Trainee shall also not leave the Company during the
above mentioned training periods.

For, Polycab India Limited Shitanshu Shekhar

………………………… ………………………………
If Trainee leaves the company during the training period, he/she shall unconditionally pay, on
demand of the Company, the above proportionate cost of his/her training as per estimated
liquidated damage as compensation for the breach of terms of this training contract.

AND WHEREAS the Trainee has accepted the offer made hereinabove and has agreed to bind
him/her to serve the company for a minimum period of Two (02) years from the date of joining as
Graduate Engineer Trainee with M/s Polycab India Limited, subject to the terms and conditions
more particularly stipulated herein below:

AND NOW THEREFORE in consideration of the premises and mutual covenants of the parties, it
is agreed as follows:

1. Trainee shall understand and acknowledge that the Company shall spend lot of monetary
resources on his/her training and induction on various business processes including both class
room training and on the job training, which is identifiable cost and have already been explained
to him/her by the Company. The cost is inclusive of the following components/elements:

- Proportionate costs incurred by the Company on deputing and dedicating a team of employees
or professionals and external trainers for his/her training, including travelling, boarding and
lodging expenses, salary/emoluments/fees paid by the Company to such employees/ trainers
and rental charges for hiring training hall or equivalent value of rental charges at Market Rate in
case of Company’s owned training hall. Proportionate costs incurred by Company for any such
training, where Trainee is required to be sent on Company’s or Customer Site located outside the
Vadodara or in and around the Vadodara or for any external training organized at outstation,
including travelling, boarding and lodging expenses, emoluments/fees paid by the Company to
such external agencies/trainers & also the travelling, boarding and lodging expenses, incurred on
Trainee for such training. Compensation/stipend/salary payable to the Trainee during his/her
initial three (03) to Six (06) months’ of training period, wherein Trainee shall be required to
undergo mostly class room training, visit to Company’s or Customer work Site, Shop Floor
training, front end marketing training etc. All direct & indirect cost incurred on him/her on the job
training during their first year of training.

2. Trainee shall further understand and acknowledge that the Company shall be put to loss (in
terms of the quantified cost which it incurs in the process of training of the trainee) and shall also
suffer opportunity cost in terms of loss of business opportunities, loss of business, if he/she
leaves the Company during or within two (02) years after the completion of his/her training (which
cannot be appropriately quantified) and to offset all such costs, after being explained the rational
and the contents of the said appointment letters and this service agreement bond to him/her by
the Company and he/she, after due consideration in the matter, by his/her own free will,
discretion and judgment, agrees and undertakes to serve the Company continuously for a
minimum periods of Two (02) years from the date of joining and shall not leave the Company
during said periods & also during the training period.

3. In case, the trainee leaves the Company within Two (02) years from the date of joining, the
bond amount shall be recovered from him/her as liquidated damage as compensation for the
breach of terms of this service agreement bond & Employment contract, on a pro-rata basis. The
For, Polycab India Limited Shitanshu Shekhar

………………………… ………………………………
total bond value for two (02) years’ Service Bond Agreement shall be Indian Rupees 2,00,000/-
(In words Indian Rupees two lacs only).

Trainee shall also not leave the Company during the above mentioned training periods. If
Trainee leaves the company during the training period, he/she shall unconditionally pay, on
demand of the Company, the above proportionate cost of his/her training as per estimated
liquidated damage as compensation for the breach of terms of this training contract.

4. It is clearly understood and agreed by the Trainee that in the event he/she does not fulfill
his/her obligation under this Agreement and leaves the services of the company during the
period of bond or he/she otherwise commits any infringement or violation of this Agreement or
his/her services are terminated for reasons directly attributable to him/her, the company shall be
entitled to enforce this Agreement and recover the entire bond amount of INR TWO LAC Only.

5. It is clearly understood and agreed by the Trainee that in the event he/she does not fulfill
his/her obligation under this Agreement and does not serve the company for a period of Two (02)
years from the date of joining or he/she otherwise commits any infringement or violation of this
Agreement or his/her services are terminated for reasons directly attributable to him/her, the
company shall be entitled to enforce this Agreement and recover the bond amount due, which
shall be calculated by the company on pro-rata basis for the bond period served and the
remaining bond period to be served by the Trainee with the Company. In such an event the
Trainee shall immediately upon the determination of the Agreement pay to the company the
entire bond amount determined by the Company, failing which the company shall be legally
competent to recover the said amount from the Trainee through the process of law at his/her
cost.

6. Any dispute or difference arising between the parties to this Agreement shall be subject to the
jurisdiction of the courts at Vadodara only.

IN WITNESS WHEREOF the parties subscribe their signatures on the date and place referred
herein above

The Company The Trainee

……………………………… ………………………………
(Sapan Shah) Name: Shitanshu Shekhar
Assistant General Manager - HR. Employee Code: 511686

WITNESSES:

1.

2.

For, Polycab India Limited Shitanshu Shekhar

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