C S SANON Vs. UNION OF INDIA

JUDGEMENT

(1.) Since all these writ petitions revolve around interpretation of the provisions of the scheme floated by respondent bank called PNB (Employees) Voluntary Retirement Scheme, 2001 (hereinafter referred to as the 'Scheme') read with the Pension Scheme and regulations of the respondent bank called PNB (Employees) Pension Regulations, 1995 and effect thereof, I propose to take all these writ petitions together and dispose of by this common judgment/order.

(2.) All the petitioners are employees/officers of the respondent bank namely - Punjab National Bank which is a Nationalised bank and is a 'State' within the meaning of Article 12 of the Constitution of India. Section 19(2)(d) of Banking Companies Acquisition Act, 1970 empowers the Board of Directors of the bank to formulate any scheme regarding appointment, remuneration and other terms and conditions of service of the officers and other employees of the bank after prior permission of the Central Government and in consultation with the Reserve Bank. Exercising the aforesaid powers the Board of Directors of the Punjab National Bank, in its meeting held on 21st and 22/09/2000 approved the Voluntary Retirement Scheme called PNB Employees Voluntary Retirement Scheme, 2000. The respondent Bank promulgated the said scheme called PNB (Employees) Voluntary Retirement Scheme, 2000, by an office circular dated 29.9.2000. Some of the relevant provisions to which reference shall have to be made to appreciate the contention raised by the parties, and the decide the writ petitions, are extracted below:-

(3.) The respondent bank has also framed Pension Regulations titled PNB Employees Pension Regulations, 1995. Regulations 28 & 29 would be relevant for the purpose of our discussion in the present cases and therefore, they are also extracted herein below:-