JUDGMENT

S.B. Sinha, J. - Leave granted.

2. Appellant (Bank) is a co-operative society registered under the Maharashtra Co-operative Societies Act, 1960. Respondents are its employees. On their superannuation they were entitled to payment of gratuity. A policy decision was taken by the Bank to extend the benefit of better rate of gratuity to a large number of its employees. A scheme was formulated therefor which was linked with a policy of Life Insurance Corporation of India who were on its roll on and from 1.12.1975. In terms of the said scheme, the rate of gratuity was to be calculated on one month’s salary for every completed years of service with ceiling limit of 20 months’ salary. It was operative from 1975 to 19.7.1996. The employees of the Bank accepted the said scheme and availed the benefits thereof. The said scheme was amended providing for payment of gratuity at the rate of 26 days’ salary for every completed year of service with a ceiling limit of 1.7 lakhs. The said scheme was operative from May, 1994 to 24.9.1997. Yet again, a scheme was floated raising the ceiling limit of Rs. 1.7 lakhs to Rs. 2.50 lakhs. Payment of Gratuity Act, 1972 (for short, ‘1972 Act’) was enacte