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Issues: Whether an employee of the transferor bank, continued in service in the transferee bank on amalgamation under Section 45 of the Banking Regulation Act, 1949, was entitled to retain the superannuation age applicable in the transferor bank or was governed by the terms and conditions applicable to employees of corresponding rank or status in the transferee bank.
Analysis: Section 45(5)(i) empowers a scheme of amalgamation to provide for continuance of employees of the transferor bank in the transferee bank, but that provision operates subject to the proviso requiring, after the stipulated period, parity with employees of corresponding rank or status in the transferee bank. The scheme's clauses were read consistently with the statute and did not confer a vested right to retain the former bank's higher retirement age. The employee's right was limited to treatment on par with similarly placed employees of the transferee bank, subject to equivalent qualifications and experience.
Conclusion: The claim to continue until the age of 60 years was not sustainable. The employee was governed by the superannuation age applicable in the transferee bank, and the contrary view of the High Court was set aside.
Ratio Decidendi: In an amalgamation scheme under Section 45 of the Banking Regulation Act, 1949, a continued employee acquires only the right to parity with employees of corresponding rank or status in the transferee bank as mandated by the proviso, and not a vested right to retain the transferor bank's more favourable service conditions.
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