1. Board of Directors of the J&K State Power Development Corporation Limited, a Government of J&K Enterprise, in its 65th meeting, decided to advertise 75 posts of the Finance Assistants. Notification no.JKSPDCL/ADM/4342 dated 25th August 2012 was issued, inviting the applications from the permanent residents of Jammu and Kashmir State for contractual appointment, amongst others, to 75 posts of the Finance Assistants. It was made clear in the aforesaid advertisement notice that the contractual appointment would be for a period of two years, after which the appointees would be considered for regularisation subject to their satisfactory performance in accordance with the policy being formulated in this behalf by the respondent corporation. The qualification prescribed for the post of Finance Assistant was MBA (Finance)/MFC/M.Sc.(Finance)/M. Com having passed from a Government recognised Institute with at least 60% marks. The selection process, set in motion, culminated in the appointment of the Finance Assistants, including the present petitioners. For regularising the contractual appointment on completion of two years, a committee was constituted vide Order no.PDC/42 of 20