(1.) -HEARD the learned advocates for the respective parties.

(2.) THE facts of the case, very briefly, are as follows: the writ petitioner, Lakshmi Narayan Tandon, was an employee of hindustan Commercial Bank Ltd. and he retired from his service on superannuation on 30.09.1986 and it appears that the writ petitioners terminal benefits were paid to him by Punjab National Bank. In this context it may be put on record that on 24.05.1985 (when the petitioner was in services with the Hindustan Commercial Bank) a moratorium had been imposed in respect of Hindustan Commercial Bank Ltd., Kanpur and ultimately the said Bank merged with the Punjab National Bank by virtue of a notification dated 18th December, 1986. It further appears that by a Memorandum of Settlement dated 29th October, 1993 between a large number of banks (through the Indian Banks Association) and their workmen (being represented by the All India Bank Employees association) a Settlement was recorded and a copy of such Memorandum of Settlement has been included in the paper book. Punjab National Bank (the appellant in the present appeal, and for the sake of brevity hereinafter referred to as PNB) was a party to such settlement.

(3.) IT appears that the Indian Banks Association agreed to introduce a pension scheme in banks for the workmen/employees in lieu of employers contribution to the Provident Fund with effect from 1st november, 1993. From the memorandum of settlement it will appear that amongst the various categories of employees/retired employees who would be entitled to the said pension scheme the following category of retired employees would be entitled to have the benefit of such scheme: "retired employees who were in service of the bank/merged bank on or after 31st December, 1985 and retired on or after 1st January, 1986 but before 1st November, 1993 provided that such retired employees apply for it on their own on the format prescribed by each bank and refund within a period of six months, reckoned from 1st November, 1993, the banks entire contribution to the provident fund including interest received qualifying service in the bank before being merged to a new bank will also be taken as service in the same bank. However, the requirement of qualifying service shall not be applicable for drawing family pension in case an employee dies while in service." (quoted from clause 2 (iii) of the said memorandum of settlement appearing at page 29 of the paper book).

(4.) IN Clause 12 of the said Memorandum of Settlement (appearing at page 32 of the paper book) the following have been provided: "provisions will be made by a scheme, to be negotiated and settled between the parties to this settlement by 31st December, 1993 for applicability, qualifying service, amounts of pension, payment of pension, commutation of pension, family pension updating and other general conditions, etc. on the lines as are in force in Reserve Bank of India."

(5.) CLAUSE 14 of the said settlement (appearing at page 33 of the paper book) provides as follows: the terms and conditions hereof shall continue to govern and bind the parties until the Settlement is terminated by either party giving to the other a statutory notice as prescribed in law at the material time."

(6.) CLAUSE 16 of the said settlement (appearing at page 34 of the paper book) provides as follows: "copies of the Memorandum of Settlement will be jointly forwarded by the parties to the authorities listed in Rule 58 of the Industrial disputes (Central) Rules, 1957 so that terms and conditions thereof are binding on the parties as provided in law. "

(7.) AS already noted above the aforesaid Hindustan Commercial Bank ltd. (hereinafter referred to, for the sake of brevity, as H. C. B.) merged with the Punjab National Bank by virtue of a notification dated 18th december, 1986. It appears from the said notification that the Reserve bank of India prepared a scheme for amalgamation of the said H. C. B. with P. N. B. and af