(1) SPECIAL leave granted.

(2) HEARD. Interim stay of the implementation of the impugned order of the High court.

(3) THE question which arises in this appeal is whether sub-clause (1-A) of clause 8 in Ch. II of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970, (hereinafter referred to as the Scheme), which is applicable to Directors on the Boards of various nationalised banks, is ultra vires Article 14 of the Constitution or not.

(4) THE relevant part of clause 8 of the Scheme reads as follows:

"8. Term of office and remuneration of a whole-time Director including Managing Director.(1 A whole-time Director including the Managing Director, shall devote his whole time to the affairs of the nationalised bank and shall hold office for such term not exceeding five years as the central government may after consultation with the Reserve Bank specify and shall be eligible for reappointment.

(1-A) Notwithstanding anything contained in sub-clause (1 the central government shall have the right to terminate the term of office of a whole time Director, including the Managing Director, at any time before the expiry of the term,