JUDGMENT :

1. The Bank Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 was promulgated on 19.07.1969, followed by Act 5 of 1970. The Preamble of the Act reads as follows :

“An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to control the heights of the economy and to meet progressively and serve better, the needs of development of the economy in conformity with national policy and objectives .....”

2. Even before the first nationalization of 14 Banks in the year 1969 and the second nationalization of 6 Banks in the year 1980, the Imperial Bank was nationalised in 1955, making it the State Bank of India/the first respondent herein. The object of the nationalization, inter alia, is to “serve better”.

3. The petitioners are wife and son of one Natarajan, who professed Advocacy from the year 1987. When he was a bachelor, he opened a Public Provident Fund Scheme Account bearing Account No.10150944952 in Pass Book No.1015 with the first respondent on 24.03.1995 for a period of fifteen years making his mother as nominee. His mother died on 23.10.1