JUDGMENT

T.S. THAKUR, J.

1. Leave granted.

2. The short question that falls for determination in these appeals is whether the respondents who opted for voluntary retirement from the service of the appellant-companies are entitled to claim pension under the General Insurance (Employees) Pension Scheme 1995. The High Court having answered the question in the affirmative, the appellant-Insurance Companies have appealed to assail that view.

3. The controversy arises in the following backdrop:

4. In exercise of its powers under Section 17A of the General Insurance Business (Nationalisation) Act, 1972, the Central Government made what is described as General Insurance Employee's Special Voluntary Retirement Scheme, 2004 (hereinafter referred to as "SVRS of 2004"). Para 3 of the scheme stipulating the eligibility conditions for employees who could opt for voluntary retirement from the services of the insurance company is as under:

"Eligibility

1. All permanent full time employees will be eligible to seek special voluntary retirement under this Scheme provided they have attained the age of 40 years and completed 10 years of qualifying services as on the date of notification.

2. An employee who is