Regarding no show clause

"The Employee hereby acknowledge that on account of employee not joining on the start date (no show) or unauthorized disclosure or use of Confidential Information or a breach of this Agreement is a fraud perpetrated on the Company, which could cause significant and irreparable financial harm. Accordingly, the Employee agrees that the Company shall have the right to seek and obtain injunctive relief from breach of this Agreement and if employee declines the offer after accepting it or employee does not join on the start date, the employee will be entitled to pay 15% of the offered CTC (cash component and if any bonus) to the company as a penalty in addition to any money damages in excess of Rs.10 lakh per each instance of breach of agreement, other rights and remedies it may have from a court of competent jurisdiction" The above clause is written in my employment letter (not on stamp paper), and I have accepted it, But now if I decline this offer due to location constraint, do I need to pay a penalty of 15% of the offered CTC ?