IFCI RETIREES WELFARE FORUM Vs. IFCI LIMITED

JUDGEMENT

(1.) This petition has been filed with the following prayers: -

(2.) The Petitioner herein is an association/society registered under the Societies Registration Act, 1860, representing the pensioners of IFCI Limited ('IFCI', for short and Respondent No. 1 herein) and has filed the present petition espousing the cause of its members, i.e., the pensioners of IFCI who are aggrieved due to the imposition of certain circulars of the Indian Banks Association ('IBA', for short) by the Respondent No.1 and the resultant discontinuation of the rates of Dearness Allowance/Dearness Relief ('DA/DR', hereinafter) that were applicable to them as per the earlier circulars of the Reserve Bank of India ('RBI', for short), depriving them of substantial benefits after 15 years of effecting the pension scheme from November 1, 1993.

(3.) It is the case of the Petitioner that the conditions of service including remuneration, allowances and post retirement benefits of the employees of IFCI are governed by the Industrial Finance Corporation of India (Staff) Regulations, 1974 ('Staff Regulations', hereinafter), which were adopted by the Board of Respondent No. 1 in terms of Sec. 8(1) of the Act of 1993 and are still in force. The said Staff Regulations stipulate that the employees of IFCI shall be eligible to certain allowances, including DA at the rates and subject to the conditions as applicable to the employees of RBI.