KRISHNA AWTAR AGRAWAL Vs. ALLAHABAD BANK KOLKATA

JUDGEMENT

(1.) The petitioner retired voluntarily on May 31, 2001, as Assistant Manager from Chandausi Branch, Allahabad Bank, Moradabad. He seeks a direction from this Court that his pension under the new pension scheme known as Allahabad Bank (Employees) Pension Regulations, 1995 be released.

(2.) In the counter-affidavit filed by the Bank it has been stated that the draft pension scheme was received by the bank and circular No. 3904 dated September 6, 1994 was issued, and options from employees were invited till September 30, 1994. The time was extended till November 30, 1994. But the petitioner did not submit any option. Later the scheme was notified on September 29, 1995 as Allahabad Bank (Employees) Pension Regulations, 1995 (in brief the regulations). It provided for obtaining options within 120 days from the date of notification. But the petitioner did not exercise any option under the regulations, therefore, he was not entitled for release of pension under the regulations.

(3.) We have heard Shri Bharat Pratap Singh, learned counsel for the petitioner and Shri Himanshu Tiwari, learned counsel appearing for respondents. The learned counsel for the petitioner has urged that the petitioner is entitled for new pension scheme as he has exercised his option on December 28, 1994, much before the last date for exercising option for existing employees under the Regulations. On the other hand, the learned counsel for the respondents has urged that the petitioner was not entitled for new pension scheme as even if the option was exercised by him on December 28, 1994 it was submitted after the last date, November 30, 1994. He has further urged that on the basis of second copy of the option the petitioner was not entitled for the benefit of new pension scheme under the Regulations. He further placed reliance on the decision of the Apex Court in Jai Singh B. Chauhan v. Punjab National Bank 2005-III- LLJ-182 (SC).