- (1.) THIS appeal has been filed by the Standard Chartered bank Pensioner's Association and Ors. against the judgment of the learned Single judge dated 4th December, 2003 in Writ Petition No. 16553 (W) of 2003. The writ petition has been dismissed by the learned Single Judge as not being tenable against the Standard Chartered Bank. At the same time directions have been issued to the Reserve Bank of India to consider the representation made by the petitioners in accordance with law and to dispose of the same preferably within a period of four months from the date of the communication of a copy of the judgment and order.
(2.) THE petitioners had filed the writ petition with the allegations that under the conditions of service, the employees of the Bank are entitled to pension by virtue of various awards and settlements prevailing in the Bank. The right to get the pension stands further corroborated and established by industry-wise settlement made by and between 58 Banks and their workmen on 29th October, 1993. The respondent No. 1, Bank, was a party to the aforesaid settlement being a member of the Indian Bank's association.
(3.) THE settlement dated 29th October, 1993 provides that the pension, as a second retiral benefit scheme in lieu of Contributory Provident Fund, shall be available to certain categories of employees/retired employees mentioned therein from 1st of November, 1993 or the date of retirement whichever is later. The settlement, inter alia, provides as under: "a pensioner will be entitled to commute one-third of the basic pension. Dearness relief, will, however, be allowed on full basic pension even after commutation. The terms and conditions thereof shall continue to govern and bind the parties until the settlement is terminated by either party giving the other statutory notice as prescribed in law at the material time. ";