(1.) Challenge in this Appeal is to judgment of a Division Bench of Madras High Court holding that customary bonus was not payable by the State Bank of India (in short the Bank) after Banking Laws (Amendment) Act, 1984 (Central Act No. 64 of 1984) (in short the Amendment Act) was enacted. Appellant has questioned constitutional validity of the said amendment before the Madras High Court by filing a writ petition which was dismissed.
(2.) Factual position which is almost undisputed is as follows:- By the Amendment Act, State Bank of India Act, 1955 (in short the State Bank Act) and State Bank of India (Subsidiary Banks) Act, 1959 (in short the Subsidiary Act) and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (in short the Undertakings Acts) were amended.
(3.) By that amending Act, a new Section 43-A comprising of three sub-sections (1), (2) and (3) and marginal heading "Bonus" was introduced in the State Bank Act. The said Section reads as under:-
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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