INDIAN BANK OFFICERS ASSOCIATION Vs. INDIAN BANK

JUDGEMENT

(1.) Two questions arise for determination in this case :

(2.) The petitioners are employees of the Indian Bank. The Indian Bank is a nationalised bank and is governed by the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. In exercise of the powers conferred by Section 19 read with Sub-section (2) of Section 12 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, the board of directors of the Indian Bank in consultation with the Reserve Bank of India and with the previous sanction of the Central Government made the Indian Bank (Officers) Service Regulations, 1979 (referred to as "the Regulations"). In terms of the Regulations, the standard rent in respect of accommodation owned by the bank and given to the employee for occupation has been defined as follows :

(3.) Regulation 25 may also be noted in this context.