SUPREME COURT JUDGEMENT IS OUT

A VERY GOOD MORNING TO BANK RETIREES  >  SUPREME COURT JUDGEMENT ON 1616 - 1684 CASE OUT.    The court came heavily on IBA reg. usurping the rights of retirees with arbitrary and irrational decisions.   THE GIST OF COURT ORDER   >  

34. Thus, we set aside the judgment rendered by the High  Court of Delhi and affirm that of High Courts of Karnataka  at Bangalore and the High Court of Madras. The appeals  filed by the Banks are dismissed and the appeal filed by  the Association is allowed. Resultantly, let the amountwhich was due and payable be paid with 9% interest, be  calculated and paid within four months from today.                                                                                             33. The only purpose of the addition of Explanation (c)  to Regulation 2(s), was to take away the actual  computation of the pension on the basis of the salary,  which was drawn in the preceding ten months. Thus, we have  no hesitation to strike it down being arbitrary and  repugnant to other provisions/Regulations namely 2(d),  38(1)(2) and 35. The Explanation (c) to Regulation 2(s)  is hereby struck down, as it could not have been enacted  retrospectively to take away accrued rights. Even  otherwise also it is held to be arbitrary and irrational.  More so, in view of the fact that only by way of a  temporary measure, that discrimination was created and the  Explanation was deleted with effect from 1.5.2005.                                                                          32.........It was also not a case of taking away the  benefit that had accrued with retrospective effect or  taking away of the vested or accrued rights. Thus, the  decision has no application, rather the spirit of the  decision runs counter to and fails to buttress the  submissions raised on behalf of the banks.

VBV Ramesh