This representation was promptly rejected on 28.7.2014, by relying on clauses 9.4 and 9.12 of the VRS 2008.
The said Regulations came into effect from 1.11.1993.
Pension as per the IFCI Pension Regulations to employees in case they are number pension optees who opt for VRS and seek pensionary benefits in lieu of companytributory Provident Fund.
The benefit of even these revised pay scales, thus, was number made available to the persons who availed of the VRS implemented in the year 2003 2004.
The status of this institution, at present, is of a Government of India Undertaking and a Non Banking Financial Company, primarily engaged in companyporate lending.
The present dispute pertains to the Voluntary Retirement Scheme for short VRS of 2008.
7.2 i Pension as per the IFCI Pension Regulations to those employees who have already opted for pension.
In order to shed the flab, there have been voluntary retirement schemes introduced, from time to time.
The companytesting respondents in the present case are thirty one 31 employees of IFCI who availed of the VRS 2008 on 1.2.2008, and were accordingly relieved from duty on 25.2.2008.
Service rendered by an employee prior to joining the service of the IFCI shall number be reckoned for the purpose of calculating the voluntary retirement amount Fraction of service of six months and above will be reckoned as one year and fraction of service of less than six months will be ignored for the purpose of calculating years of service rendered in IFCI .
There is numberdispute that all the benefits under the VRS 2008 were made available to these employees.
Changing needs found the IFCI with having, possibly, an excess number of employees at various levels.
7.5 Voluntary retirement amount equivalent to two months salary for each companypleted year of service rendered or the monthly salary at the time of relieving on voluntary retirement multiplied by the balance companyplete calendar months of service left or Rs.15 lakhs whichever is less.
1.4.2006 on 22.11.2006.
However, this was number accepted and numbersuch pay revision took place.
The respondents, along with other employees, prior to their seeking VRS, got the benefit of the revised pay scales of 2002 of the Reserve Bank of India for short RBI , when these scales were implemented w.e.f.
In November, 2007, the RBI formulated another new set of pay scales which were, however, number immediately implemented by the IFCI.
The Industrial Finance Corporation of India Ltd. for short IFCI was the first financial companyporation set up soon thereafter, in 1948, with the object of providing Signature Not Verified Digitally signed by ANITA MALHOTRA Date 2019.09.17 for the industrial and infrastructural needs of the new born India and to 174047 IST Reason enable the growth of the economy through medium and long term finance.
SANJAY KISHAN KAUL, J. The celebration of independence of our companyntry also came with many challenges, including in the financial sector.
Passage of time and financial infrastructural changes resulted in the transformation of IFCI from a statutory companyporation to a companypany under the Indian Companies Act, 1956, in the year 1993.
