Can a college withhold transcripts legally if we take a job offer and then reject it later

So the placement cell of our college had instructed that those who want to pursue higher studies should not sit for placements and if you do, you won't be given the transcripts until you get placed. But I am not sure if I'll be doing a job, if I get a good rank in GATE 2022 which is in Feb and the results will be declared in March. So I figured if I get a job, It'll be my backup plan. Its true that I'm acting in my self-interest here but so is the college and so are the companies. So I wanted to know if I get a job and I take the offer letter, But later in March if I find out I have a good rank in GATE that can get me into good colleges for masters. Can I reject the Job offer? If I can what are the conditions that I'll be bound by ? And also if I want to pursue masters after B.Engg and the college is not willing to give my transcripts for violating their rules, which articles of the constitution can I defend myself with to obtain the transcripts? And what are the possible consequences I'll be facing if i do violate their terms?