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ABHINAND KUMAR SHAVILI, LAXMI NARAYANA ALISHETTY
Chairman and Managing Director – Appellant
Versus
S. Srinivasa Rao – Respondent
JUDGMENT:
(per Hon’ble Sri Justice Laxmi Narayana Alishetty)
This Writ Appeal is filed aggrieved by the order passed by the learned single Judge of this Court in W.P.No.9190 of 2011 dated 02.12.2010.
2. Heard Sri K.Lakshmi Narayana, learned counsel appearing for appellant-bank and Sri J.Ch.Y.Narasimham, learned counsel for respondent.
3. The facts of the case in nutshell are that respondent was working as Deputy General Manager Grade-VI in appellant-bank and during the course of employment, he had worked in Foreign posting from 31.12.1993 to 07.07.1997. The respondent had executed an agreement dated 24.08.1993 and another agreement dated 29.12.1993 and as per the terms of the agreement, dated 29.12.1993, respondent agreed to work for a period of five years in India after foreign posting and in default, to pay liquidated damages of Rs.7.50 lakhs. The respondent returned to India on 07.07.1997 after rendering services in foreign posting and worked till his retirement.
4. Appellant-Bank introduced a Voluntary Retirement Scheme (VRS) vide Circular dated 01.11.2000 and pursuant to the said scheme, respondent made an application on 24.11.2000 for voluntary retirement and the respondent addres
The court upheld the enforceability of liquidated damages for unfulfilled service obligations post-voluntary retirement, determining the amount based on the unrendered service period.
Failure to communicate refusal of voluntary retirement application within three months results in deemed acceptance, upholding the Tribunal's award for retirement benefits.
The management's failure to substantiate claims of dues against the workman rendered the recovery order without basis, upholding the worker's right to gratuity and statutory dues under the Voluntary ....
Employees opting for a Voluntary Retirement Scheme cannot claim additional benefits under pension regulations if they do not meet the eligibility criteria specified in those regulations.
Employees who opt for voluntary retirement under a scheme are bound by the terms of the scheme, which may exclude certain pension benefits.
An employee must fulfill the eligibility criteria, including completing the required years of service, to be entitled to pension benefits under the Pension Scheme, 1995. Additionally, approaching the....
The court established that provisions of the Income Tax Act regarding voluntary retirement do not create enforceable contractual obligations between employers and employees.
Voluntary Retirement Scheme employees cannot claim benefits of pay revisions post-separation, as acceptance of the scheme constitutes a waiver of rights to future wage adjustments.
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