JUDGMENT

V.N. Khare, CJI-Since common question of law is involved in these appeals, one at the instance of UCO Bank; second, Oriental Bank of Commerce; and the third, Bank of India, we propose to decide them by a common Judgment.

2. For the sake of convenience, we are noticing the facts asserted in Civil Appeal No. 3192 of 1999. The respondent - Sanwar Mal was appointed as a Class-IV employee in UCO Bank on 29.12.1959 and was promoted to class-III post in 1980. On 25.2.1988, he resigned after giving one month s notice. He accepted his provident fund without protest. On 29.10.1993, a settlement was arrived at under section 2(P) and section 18(1) of the Industrial Disputes Act, 1947 read with Rule 58 of the Industrial Disputes (Central) Rules, 1957 between Indian Banks Association (hereinafter referred to as "IBA") representing the managements of banks on one hand and All India Bank Employees Association representing the workmen. Pursuant to the said settlement, the IBA agreed to introduce pension scheme in banks in lieu of employees contribution to the provident fund. As a consequence of the said settlement, UCO Bank (Employees ) Pension Regulations, 1995 (hereinafter referred to a