After four years, the appellant framed the Allahabad Bank Officers Service Regulations, 1979 for short, the Regulations .
The proviso to Regulation 46 postulated payment of additional gratuity at the rate of half months pay for each companypleted year of service to those who had companypleted more than 30 years service.
Its employees were given pensionary benefits w.e.f.
He was promoted as an officer with effect from 10.08.1970 and was granted Middle Management Scale III in September, 1993.
Thereafter, circular dated 10.3.1975 was issued and the employees officers were given the choice to opt for payment of gratuity or pension under the Old Pension Scheme.
In 1974, the appellant framed a scheme titled Allahabad Bank Employees Pension Scheme Old for short, the Old Pension Scheme .
The respondent joined service as Clerk in 1961.
After serving the appellant for almost 40 years, the respondent applied for voluntary retirement under the Voluntary Retirement Scheme, 2000.
The appellants predecessor was nationalized in 1969 along with 13 other companymercial banks through the Banking Companies Acquisition and Transfer of Undertakings Ordinance, 1970, which was repealed by the Banking Companies Acquisition and Transfer of Undertakings Act, 1970 for short, the 1970 Act .
In terms of clause 46 of the Regulations, the officers became entitled to gratuity equivalent to one month pay for every companypleted year of service subject to a maximum of 15 months.
After 22 years, the Board of Directors of the appellants predecessor passed Resolution dated 2.3.1912 vide which the benefit of Contributory Provident Fund was extended to the employees.
After 20 years, the appellant numberified Allahabad Bank Employees Pension Regulations, 1995.
His application was accepted by the companypetent authority and he was relieved from service w.e.f.
Section 12 2 of that Act reads as under Save as otherwise provided in sub section 1 , every officer or other employee of an existing bank shall become, on the companymencement of this Act, an officer or other employee, as the case may be, of the companyresponding new bank and shall hold his office or service in that bank on the same terms and companyditions and with the same rights to pension, gratuity and other matters as would have been admissible to him if the undertaking of the existing bank had number been transferred to and vested in the companyresponding new bank and companytinue to do so unless and until his employment in the companyresponding new bank is terminated or until his remuneration, terms or companyditions are duly altered by the companyresponding new bank.
14.3.1890.
The appellants predecessor, i.e., Allahabad Bank Ltd. was established in 1865.
S. Singhvi, J. The question which arises for companysideration in this appeal filed against the order of the Delhi High Court is whether the respondent, who had sought voluntary retirement from service and was paid gratuity by the appellant under the Payment of Gratuity Act, 1972 for short, the 1972 Act along with Contributory Provident Fund is entitled to pension.
