N.A. SHANKARANARAYARIA SETTY Vs. ING VYSYA BANK LTD., CORPORATE OFFICE NO. 2, M.G. ROAD BANGALORE-560 001 BY ITS MANAGING DIRECTOR

JUDGEMENT

(1.) THE appellant herein is the plaintiff in O.S.No.220/2005. The said suit was filed by the plaintiff seeking for a declaration that he had ceased o be in the services of the defendant/Bank at the end of the office hours on 26.06.2003 by voluntary retirement and not by resignation. Consequentially the relief for payment of the arrears of pension and the future pensions and pensionary benefits applicable to cases of voluntary retirement under the provisions of the Vysya Bank Ltd. (Employees) Pension Regulations, 1995, is sought. The suit however came to be dismissed by the judgment and decree dated 03.11.2009. The appellant is therefore before this Court assailing the same. The parties would be referred to in the same rank as assigned to them before the Court below for the purpose of convenience and clarity.

(2.) THE case pleaded by the plaintiff is that he which is a banking company and according to him, he voluntarily retired from the services of the Bank on 26.06.2003. He had joined the services Gf the Vysya. Bank Ltd as an Officer/Branch Manager in Scale -II on 18.12.1974. He had thereafter earned successive promotions and was working as General Manager, a post in Top Executive Grade Seale -VII with effect from 29.04.2000. The service conditions of. the plaintiff were governed by the Vysya Bank Officers Regulations, 1990 (hereinafter referred to as 'the Regulations 1990' for short) and Vysya Bank Ltd (Employees) Pension Regulations, 1995 (hereinafter referred to as 'the Pension Regulations 1995'). At the time when the plaintiff joined the services of the defendant -Bank, there was no pension payable to the employees. The Board of Directors of the Bank in its meeting held on 29.02.1996 adopted the Pension Regulations providing for pension as retiral benefit in lieu of contributory provident fund. As per Regulation -3 thereunder, the employees were required to exercise their option to come under the Pension Regulations. The plaintiff claims to have opted for pension and is therefore covered by the Pension Regulations.

(3.) THE defendants on being served with the suit summons appeared and filed their detailed written statement. The employment of the plaintiff no doubt is admitted. However, the claim made in the plaint is termed as misconceived and untenable. The defendant contends that the plaintiff who was working as an Officer had tendered his resignation on 26.06.2003 and the defendant Bank accepted the same and he was relieved from the duties. Thereafter all his service benefits were settled. Since he had resigned on his own volition, it cannot be considered as voluntary retirement as he had not retired voluntarily oil 26.06,2003. As such it is denied that the plaintiff is entitled to pension as claimed. The plaintiff was rendering service under a contract and having shifted to the contractual package with effect from 01.08.2001 cannot contend otherwise on tendering resignation. The plaintiff has drawn all benefits under the contractual package and the suit filed belatedly is not tnainta:nable. The employee who has resigned is disqualified from availing pension and this aspect is known to the plaintiff who was a party to all earlier settlements. The defendant -Bank had adopted the modified Pension Regulations in the year 1995 and it would apply to employees who were in the service of the Bank on or after 01.01.1986 but, had retired before 01.11.1993. Such of the employees who retired between the said dates were required to exercise option within 120 days from the notified date and refund within 60 days the entire amount of Bank's contribution to provident fund including interest accrued thereon with further simple interest at 6% p.a. The entitlement claimed by the plaintiff because he had opted to be governed under the Pension Regulation is denied. Regulation No.22 is referred wherein forfeiture of pension is provided in the case of resignation or dismissal or removal or termination.