ORDER

ARUIT PASAYAT, J.- In this appeal, Bank of India, a nationalised bank, and its functionaries have questioned correctness of the judgment rendered by a Division Bench of the Bombay High Court inter alia holding that the C appellants' action purporting to accept the prayer for being covered by the Voluntarily Retirement Scheme (in short "VRS" or the Scheme) was not in order.

2. A brief reference to the factual aspects would suffice:

The respondent (hereinafter referred to as "the employee") joined the services of the Bank in 1974. In May 2000 the Government of India, Ministry of Finance, (Banking Division) vide their letter dated 22-5-2000 advised all nationalised banks to carry out detailed manpower planning in order to adopt measures to have optimum human resources at various levels in keeping with the business strategies and requirements of each bank, keeping in view the economic reforms set in motion in 1990. In August 2000, a committee was constituted by the Government which placed before it two schemes. One of the schemes suggested was called the Voluntary Retirement Scheme. After getting no objection from the Government for placing the Scheme before the respective Boards o