- (1.) Heard all parties.
(2.) In our view, the High Court has correctly interpreted the provisions of Section 48(1) of the State Financial Corporations Act. Sub-section (2) has to be read in the light of sub-section (1) of Section 48 and sub-section (2) does not enable the Corporation to make Regulations except in the manner prescribed in sub-section (1). The High Court has also referred to Regulations 7 and 63 of the U. P. Financial Corporation (Staff) Regulations and in our view correctly interpreted the law.
(3.) Learned counsel for the Petitioners laid emphasis on Regulation 63 which provides as follows: "Regulation 63:Pay and allowance The scale of pay attached to the various posts under Corporation shall be those laid down in Appendix to these Regulations and the same shall not be varied without first amending the relevant Regulation." ;