INDIAN OVERSEAS BANK Vs. RATTAN SINGH

JUDGEMENT

(1.) Leave granted.

(2.) The appellants are before this Court aggrieved by the judgment of the High Court dated 21.02014. The case pertains to the application of Voluntary Retirement Scheme (for short 'VRS') by the respondent. The stand taken by the Division Bench is that since the respondent withdrew the offer for VRS prior to the communication of the acceptance, there is no VRS in the eye of law and, therefore, the High Court set aside the termination of the respondent on VRS and ordered reinstatement with all consequential benefits.

(3.) Prima facie, we find it difficult to appreciate the stand taken by the High Court. The scheme of VRS varies from institution to institution. In the case of the appellants it is specifically stipulated that once an officer/employee exercises the option it will not be open for him/her to withdraw the request made for voluntary retirement under the scheme after having exercised such option. The option once exercised is irrevocable.