JUDGMENT :

ARUN MISHRA, J.

1. The question involved is whether the respondent-employees are entitled to pension on completion of 15 years of service as per the State Bank of India Voluntary Retirement Scheme (for short, "the VRS framed in 2000").

2. The matter has been referred to larger Bench due to conflict of opinion between the Judges as to the admissibility of pension under the VRS.

3. After obtaining approval of the Government of India, the Indian Bank Association (IBA) evolved a Voluntary Retirement Scheme. The Central Board of Directors of the State Bank of India (in short 'the SBI') adopted and approved the scheme in its meeting held on 27.12.2000 for implementing the VRS for the employees of the bank by retiring them on completion of 15 years of service with the benefit provided in the scheme. The scheme had been drawn up, keeping in view the guidelines issued by the IBA. "Memorandum" dated 26.12.2000 was submitted by the Deputy Managing Director and the Corporate Development Officer for according approval to the proposals contained in the Memorandum as also for adopting