Virender Singh, J. - (1.) Challenge herein is the judgment/order dated 18.06.2015 passed in W.P.(S) No. 5314 of 2008 whereby the claim of pay revision as well as seniority and promotion of respondents at par with MMTC employee is allowed.
(2.) The brief background of the case is that Minerals and Metals Trading Corporation (in short MMTC) is a public limited company incorporated on 26.09.1963. M/s. Mica Trading Corporation Ltd. (in short MITCO) was incorporated on 18.06.1973 as 100% subsidiary company of MMTC Ltd. initially trading in Mica but later on it setup on industrial undertaking for manufacture of mica powder, mica paper, mica capacitors etc. at Abhrak Nagar now forms part of the State of Jharkhand which commenced commercial production in September 1983, Vide order No. BS/A -5(9)/74 dated 09.09.1974 rules making power was delegated to the MITCO subject to prior approval of MMTC Ltd. The MMTC Ltd. vide Order No. 7/20/84/IR dated 07.08.1984 wrote to the Chairman of MITCO that the pay scales of staff of MMTC Ltd. and MITCO are identical and therefore the revised scales of pay will be applicable to the staff of MITCO as well as MITCO employees were governed by their own service conditions and wage structure for which the employee of MITCO enter into settlement with management of MITCO vide settlement dated 22.08.1984 and 05.10.1991.
(3.) MITCO was primarily exporting processed MICA to erstwhile USSR and due to passage of time rupee -ruble ratio changed which resulted into the closing down of Soviet Union Market and also due to de -canalization of export of processed mica, underutilization of manufacturing capacity at Abhrak Nagar for lack of orders, surplus labour force, looking of large sums in incomplete projects etc the MITCO was referred to the Board of Industrial and Financial Reconstruction (BIFR) under the provision of Sick Industrial Companies Act (SICA) vide Case No. 502/93 on 21.12.1992. MITCO was declared sick in the year 1993 and the BIFR examined various possibilities of its revival on stand -alone but could not succeed and at last merger/amalgamation was considered to be the best solution for the long term viability of the company. Thereafter the State Bank of India was appointed as an Operating Agency who after taking into account of several factors submitted a draft rehabilitation -cum -amalgamation/merger scheme (DRAM).;