L. NARASIMHA REDDY, J.

( 1 ) THE petitioner joined the 1st respondent-Bank as Probationery Officer on 25. 4. 1977. Ever since then she has been serving the bank at various places in one capacity or the other. The bank had introduced the Indian Bank Employees (Pension) Regulations, 1995 (hereinafter referred to as the "pension Regulations") and the Pension Regulations came to be adopted by the bank under Section 19 (1) of the Banking Companies Act, 1970 after having been accorded approval by the reserve Bank of India and the Central government.

( 2 ) THE Pension Regulations provide for exercising of option by the employees for the Pension Scheme. Such options were to be exercised by submitting application/ declaration in ANnexure - B on or before 26. 1. 1996. On such option being exercised, the Provident Fund Account of the employee stands transferred to the Pension Fund and the employee will become eligible to be paid pension on retirement. The Rules also contemplated voluntary retirement by such of the employees who complete 20 years of qualifying service. It is the case of the petitioner that consequent upon adoption of the Pension Regulations, she has submitted her application/op

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