JUDGMENT

G. S. Singhvi, J.:- The question which arises for consideration in this appeal filed against the order of the Allahabad High Court is whether the respondent, who had sought voluntary retirement from service and was paid gratuity by the appellant under the Payment of Gratuity Act, 1972 (for short, ‘the 1972 Act’) along with Contributory Provident Fund is entitled to pension.

2. The appellant’s predecessor, i.e., Allahabad Bank Ltd. was established in 1865. Its employees were given pensionary benefits w.e.f. 14.3.1890. After 22 years, the Board of Directors of the appellant’s predecessor passed Resolution dated 2.3.1912 vide which the benefit of Contributory Provident Fund was extended to the employees. The appellant’s predecessor was nationalized in 1969 along with 13 other commercial banks through the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1970, which was repealed by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (for short, ‘the 1970 Act’). Section 12(2) of that Act reads as under:

“Save as otherwise provided in sub-section (1), every officer or other employee of an existing bank shall become, on the commenceme