Abedeen,
From your post,
I wish to ask if you are aware that no employer can force an employee to work for his company (even if they have signed a bond or service agreement or whatever you wish to call it.)
Secondly, if the employer will drag such employees into court, the employer ought to be ready with enough reasons to make the bond viable.
Thirdly, there is no necessity to pay the bond amount (amount quoted in the bond) by the employee. Such service bonds are viable only till the extent of the training cost incurred by the employee. As far as opportunity cost is concerned, unless you risk you are not to progress. If you stop hiring people just out of fear that they may leave you tomorrow will you succeed? Success is not achieved by pushing others back and pulling them down. It comes when we hone our skills so that we can push ourselves ahead of others.
Again there is a difference between estimated loss and penalty. If employers drag such employees to the court, the court allows payment of only estimated loss and not penalty.
Meaning to say that if the company writes in bond that
"You are bound to serve for a minimum period of 3 years (for example). If you break the bond you are liable to pay an amount of 3 lacs rupees."
OR
"You are bound to serve for a minimum period of 3 years (for example). If you break the bond you are liable to pay all the amount you earned till the time of your resignation"
Such are penalty. A reasonable amount quoted can be considered as estimated loss. It would be left to the court to reach to the conclusion on stating beyond which amount would it be considered a penalty.
I hope I clear your doubts. And if incase you feel I am falling short in experience to convince you, here I share the attributions to convince and put forth my points.
Is Employment Bond is valid in India
M/S. Sicpa India Limited vs Shri Manas Pratim Deb on 17 November, 2011
venghatsrinivas: Is employment Bond valid in india?
I am sure you would argue that this is regarding bonded labor, but would still like to share
Public Union For Civil Liberties vs State Of Tamil Nadu And Ors. on 15 October, 2012