Amitava Lala, J. - (1.) The petitioners were the employees of one M/s. Bharat Brakes and Valves Limited, a company incorporated under the Companies Act, 1956 having its office at 22, Gobra Road, Calcutta - 700 014. Such company was a subsidiary of M/s. Burn Standard Limited. The Government of India formed a company M/s. Bharat Bhari Udyog Nigam Limited (BBUNL) and taken over various companies including M/s. Burn Standard Limited as well as its said subsidiary M/s. Bharat Brakes & Valves Ltd. (BBVL).
(2.) The petitioner no. 1 tendered his resignation from the post of Deputy Manager (Project) on 12th February, 1996 which was accepted from such date. The petitioner no. 2 tendered his voluntary retirement on 30th February, 1996 when he was holding the post of Chief Medical Officer. The petitioner no. 3 tendered his resignation on 9th August, 1995 wen he was holding post of Deputy Manager-cum-Company Secretary. The petitioner no. 4 retired on 31st October, 1994 when he was holding the post of of Chief Manager, Finance.- The petitioner no. 5 took voluntary retirement on 25th May, 1992 when he was holding the post of Assistant Manager, Technical Estimate. The petitioner no. 6 retired from the service on 30th September, 1996 when he was holding the post of General Manager. The petitioner no. 7 retired from the service on 10th January, 1993 when he was holding the post of Manager (Quality Control). The petitioner no. 8 took voluntary retirement on 7th January, 1997 when he was holding the post of Deputy Manager (Project). The petitioner no. 9 retired from the service on 29th February, 1994 when he was holding the post of Manager (Finance). The petitioner no. 10 took voluntary retirement on 31st March, 1996 when he was holding the post of Assistant Manager (Personnel). According to them, they were holding the posts of Executives below the Board level and Non-Unionised Supervisors.
(3.) It is pertinent to mention here that the company under which the employees were working was referred to Board of Industrial and Finance Reconstruction (BIFR) vide Case No. (PSU/CENTRAL) 526 of 1992 as per provision of Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. On 30th November, 1993 Officers' Association, different Trade Unions of the company resolved on the basis of the Rehabilitation package suggested by the BIFR dated 20th September, 1993. Contents of such resolution are as follows : "Bharat Brakes and Valves Limited has been referred to BIFR vide Case No. (PSU/CENTRAL) 526/92 as per provisions of Section 15 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985. As per Clause 6.9 of the Rehabilitation package suggested by BIFR dated 20th September, 1993 the copies of the same were circulated to all Associations, Trade Unions of the Company. Joint discussions held amongst the Unions and Associations and subsequently a joint meeting was held with management on 30.11.93 at 3.00 P.M. and it has been finally resolved that the employment cost of the Company would be restricted to Rs. 320.00 lacs per annum with effect from the financial year 1994-95 through various sacrifices by employees. Further it has been resolved that the said employment cost of Rs. 320.00 lacs will remain fixed as suggested in the draft scheme. It has been further resolved that under no circumstances will there be any deviation whatsoever from the above stated employment cost of Rs. 320.00 lacs. Necessary action for sacrifices in this regard will be jointly undertaken by the respective Unions, Associations and Management. However, if the same employment cost is not acceptable to the learned Bench in that event the employment cost will be acceptable as per BIFR verdict".;