SANJIV KHANNA, J.

This common judgment would dispose of the aforestated writ petitions and Civil Appeals/Letters Patent Appeals.

2. Writ Petition (C) No.184/2007, Federation of Retired LIC Class -I Officers and Ors. Vs. Union of India and Ors. was earlier disposed of by a short order dated 30th January, 2013 relying upon the decision of a Single Judge of the Jaipur Bench of the Rajasthan High Court, affirmed by the Division Bench in Civil Special Appeal (W)No.493-494/2010, Life Insurance Corporation Vs. Kishan Murari Lal Asthana and Anr. The decision of the Division Bench of the Rajasthan High Court, order of this court dated 30th January, 2013 and decision of the Punjab & Haryana High Court dated 9th November, 2012 in Madan Lal Gandhi & Others v. Union of India & Others, CWP 16346/2010 (again relying upon the decision of the Rajasthan High Court), were made subject matter of challenge before the Supreme Court in Civil Appeal Nos. 8959 to 8962/2013, 6995/2013, 9223/2013 and 9409-10/2013.

3. The Supreme Court after referring to the Life Insurance Corporation Act, 1956 (