(1.) Heard Mr. Gaurav Govind, learned counsel for the petitioners and Mr. Chittranjan Sinha, learned senior counsel along with Mr. Kaushal Kumar Jha and Ms. Surya Nilambari, learned counsel for the Reserve Bank of India (hereinafter referred to as the 'Bank') .
(2.) The petitioners have moved the Court for the following relief:
(3.) In sum and substance, the prayer is that though they had availed of the Optional Early Retirement Scheme under the policy as circulated under Administration Circular No. 1 dated 11th August, 2003, but due to the subsequent pay revision as circulated under Administration Circular No. 10 dated 21st November, , 2005, since their pay was revised with retrospective effect, when they were still in service of the Bank, the calculation of ex-gratia payment under the policy of 2003, should also be on the basis of the revised pay scale, which has been made applicable in their case and also payment made. The same having been specifically denied in the policy of 2005, by which pay revision has been made applicable with retrospective effect stipulating that no arrears on the basis of revised pay and allowances will be payable for the amount of ex-gratia paid by the Bank to the officer, who retired under the Optional Early Retirement Scheme. Challenge is to the said stipulation in the policy dated 21st November, 2005.