- (1.) THE petitioner has challenged the award of the Industrial Tribunal Kota dated April 2, 1992 on the ground that the directions for giving the bonus for 20% was not in accordance with the provisions of law. The petitioner has already made the payment of 8. 33% bonus in the past and therefore the directions were given to make the payment of 11. 67% bonus alongwith interest at the rate of 9% p. a. for 1983-84.
(2.) THE petitioner, Kota Central Co-operative Bank Ltd. Kota earned net profit of Rs. 5,29,685. 11 in accordance of balance- sheet on 1983-84 for the year ending of June 30, 1984. It was found that after adding certain sums in accordance with the Bonus Act, 1965, the figure of gross profit comes to Rs. 27,93,835. 11 and after reducing the balance, the figure comes to Rs. 7,97,999. 42 and the bonus of Rs. 5,43,589. 33 should have been distributed. Still a sum of Rs. 1,59,017. 30 remains with the Bank. In the present writ petition the dispute is for adding the figure of interest which according to the respondent Bank should not have been added while according to the employees union it has to be added.
(3.) THE submission of Mr. Sharma is that the Bank is maintaining the Books of account according to cash system and not according to mercantile system. It is submitted that in accordance with the provisions of Rule 67 of the Rajasthan Co-operative Societies Rules, 1966 (hereinafter called as the Rules) a society earning profits, shall calculate the net profits by deducting from the gross profits for the year, all interests accrued and accruing in account which are over due, establishment charges, interest payable on loan and deposits, audit fee, working expenses including repairs,rent,taxes and depreciations and after providing for or writing off bad debts and losses not adjusted against any fund created out of profits. A society may however add to the net profits for the year interest accured in the preceding years, but actually recovered during the year. It is submitted that it is only the actual interest which has accrued and recovered that has to be added to the net profit of the society.;