SHANKER BASU Vs. KBC BANK NV

JUDGEMENT

(1.) THE service of the plaintiff who was an employee of the defendant bank, as the head of its corporate division, has been terminated and the plaintiff has sued for declaration that the termination of his contract of employment is wrongful, illegal and malafide. The plaintiff has claimed Rs.23.63 Crores with interest @ 16.5% thereon for delay in payment of the amounts payable under the plaintiff's contract of employment.

(2.) THE plaintiff was employed under the contract dated 19th June, 2000, Exh.P2 in evidence. The plaintiff's contract was terminable under clause 10 thereof either upon retirement or upon sooner determination by a termination notice upon the conditions mentioned in the said clause.

(3.) IT is the case of the defendant bank that the contract of termination is determined upon the defendant's business policy decision to close down the corporate banking division of which the plaintiff was the head. The defendant claims that the suit is for specific performance of the contract of employment which cannot be specifically enforced and that the plaintiff accepted the severance compensation. The defendant would, therefore, claim that the plaintiff having accepted the compensation under the letter of the termination cannot challenge it.