`JUDGMENT

Dr. Arijit Pasayat, J. — Leave granted.

2. Challenge in this appeal is to the order passed by a Division Bench of the Bombay High Court dismissing the Letters Patent Appeal filed by the appellants.

3. Factual background as presented by the appellants is as follows:

An agreement was entered into between the appellants and the Hotel Corporation of India relating to purchase of hotel called Centaur Hotel, Juhu Beach, on 31.3.2003. On 11.3.2002, an agreement was entered into wherein it was stipulated that Voluntary Retirement Scheme (in short ‘VRS’) shall be introduced within one year from the transfer dated 31.5.2002 i.e by 31.5.2003. A Writ Petition was filed on 30.5.2003 with a prayer to enforce the VRS and alternatively it was prayed that the appellant-company be directed to independently float and pay according to VRS. By order dated 8.7.2003, the High Court directed the appellant-company to consider and float the VRS. The said scheme was floated on 1.10.2003. On 27.10.2003 there was a meeting of the recognized Union functionaries with the functionaries of the appellant-company. A request was made to extend the time of VRS upto 30.11.2003 to accept the option. This was con