- (1.) Leave granted.
(2.) We have heard learned counsel on both sides.
(3.) It is not necessary to preface the antecedent enquiry conducted against the respondent for misconduct by the Traders Bank which was amalgamated with the appellants-Bank. Suffice it to state that on June 25, 1986 the respondent's service was sought to be terminated by issuance of an order on offering three months' pay in lieu of the requisite notice. Instead, the respondent on even date had tendered his resignation (Ex. P-5) to Traders Bank; transferor-Bank of the appellant had accepted the resignation on July 2, 1986. Consequently, the respondent had returned the cheque of salary offered to him in lieu of notice on the even date. Under Section 45 of the Banking Companies Regulation Act, 1949 (for short, the 'Act'), the scheme of amalgamation of transferor bank with the appellant bank, with effect from November 20, 1987 (Ex. P-8) was initiated. The Central Government had accepted the amalgamation under Sub-section (7) of Section 45 of the Act with effect from the appointed date viz. May 13, 1988. A scheme in that behalf was approved by the Central Government, Clause 10 of the scheme provides as under: "All the employees of the transferor bank shall continue in service and be deemed to have been appointed by the transferee bank at the same remuneration and on the same terms and conditions of service as were applicable to such employees immediately before the close of business on 20th November, 1987." ;