ORDER:

M.S.Ramachandra Rao, J.

The petitioners were employees of A.P. State Police Housing Corporation Limited, which had been constituted in the Composite State of Andhra Pradesh. The 1st petitioner had retired from service as Assistant General Manager on 31.07.2013 and the 2nd petitioner had retired from service as a Senior Accountant on 28.02.2014.

The background facts

2. According to the petitioners, a Group Superannuation Scheme for 182 regular employees of the above Corporation was approved by it’s Board of Directors in a meeting held on 14.12.2012. As per a Resolution passed in the said Board meeting, 90% share of the employer and 10% share of the employees, amounting to Rs.18.71 Crores was paid to the Life Insurance Corporation of India Ltd (5th respondent) as a single payment for creation of Corpus Fund so as to enable the beneficiaries to get retirement annuity benefit/pension @ 40% of the last basic pay drawn on the date of their superannuation.

3. A Trust Deed was executed on 18.01.2013 by the A.P. State Police Housing Corporation Limited, and five persons for establishment of an irrevocable Trust by name ‘A.P. State Police Housing Corporation Ltd Employees Group Superannuat