Bonded labor is illegal in India, but enforcement is lax.
Read Right against exploitation in Fundamental rights in India.
The right against exploitation, given in Articles 23 and 24, provides
for two provisions, namely the abolition of trafficking in human
beings and Begar (forced labour)...
As per law, they cannot make the contract binding if it relates to bonding of the laborer.
But a general contract may stand in court if they have made you sign the contract and paid the duty to government for the contract. This contract will be mild form of Bonds/begar-contracts.
As per the requirements of the contract, usually they will ask you to give them your original documents and degree certificate. Do not do that. That will give them control, and it's illegal.
From personal experience, such companies are phonies and they want to exploit you.
Visa thing is a scare.
As per they wont give me Experience letter and Releasing letter; they might do that, and so you will not be able to show experience.
You can file a lawsuit against them. (But you know it's a waste of time in Indian courts)
As per first three things you mentioned:
- It is written on my company's letter head.
- It doesn't contain any stamp paper.
- It doesn't contain any company seal.
It's not a contract.
Do not provide them your actual signatures. Make a strange signature so that you can later argue that it's not your signature.
But think about the consequences: You are going to that (probably shady) company, do you think they will hold any of their promises later, at all.
Think: Will the company stay in business until your bond is over? Then how will you get an Experience certificate?
That ends the answer.
A few suggestions
I'd suggest finding a different job.
I'd suggest talking to a lawyer. It's cheaper than your life being screwed up.
I'd suggest talking to your family about it.
Nothing written here constitutes legal advice. Talk to a lawyer to get a legal opinion on the matter.
