CHANDRABHAN Vs. MOIL LTD

JUDGEMENT

(1.) Heard.

(2.) Rule. Rule made returnable forthwith with the consent of learned counsel for the parties.

(3.) The petition questions the validity of Clause 7(b) of the MOIL Group Superannuation Cash Accumulation Scheme (Defined Contribution) Rules (Pg.26), which provides that no amount/benefit would be given to the member in case of resignation and the amount accumulated under the name of such member of the scheme shall be transferred and credited to the company's account or adjusted against annual contribution payable by the company to the Trust/LIC, on the ground that it is unreasonable and has no nexus with the object sought to be achieved by the Rules.