S GANESAN Vs. INDIAN BANK

JUDGEMENT

(1.) THESE writ petitions and the writ appeal involving common questions of fact and law were taken up for hearing together and are being disposed of by this common judgment.

(2.) THE petitioners are officers of the first respondent 'Indian Bank. THE Indian Bank is one of the nationalized banks under the provisions of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. THE banks were said to be overstaffed. For the purpose of effective management, man power planning was contemplated by the Ministry of Finance, Government of India, pursuance whereto and in furtherance whereof, the Government considered the desirability of introducing voluntary retirement scheme to help the banks to rightsize their force. In a letter dated 22.05.2000, the Director (IR & BOH), Ministry of Finance advised the public sector banks to carry out detailed manpower planning in order to adopt measures to have optimum human resource at various levels in keeping with the business strategies and requirements of each bank. A Committee was constituted by the Central government to examine the issues confronting the public sector banks in that regard and suggest suitable remedial measures.

(3.) PURSUANT there to and in furtherance of the said policy decision, the Indian Bank along with other banks adopted separately but almost identical scheme known as 'Employees Voluntary Retirement Scheme'. The Scheme floated by the Indian Bank called the 'Indian Bank Employees Voluntary Retirement Scheme'. The said Scheme was applicable in relation to employees who on the date of application had completed 15 years of service or completed 40 years of age. The Scheme was to remain in operation from 27.11.2000 to 26.12.2000. In terms of the said Scheme those who sought for voluntary retirement were entitled to ex-gratia payments as also other benefits as follows:-