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5. Stand of ICICI Bank is that Bank of Madura employees who have opted for Pension and have completed 20 years of service only would be eligible for Pension benefits. It is further averred that all ERO-2003 optees were aware that in case they have not opted for Pension during 1995-1996, they would not be eligible for Pension and as such the decision to opt for ERO-2003 was a conscious and well informed decision taken by the Petitioners. 2nd Respondent ICICI Bank has taken a stand that Writ Petitioners having failed to exercise their option during 1995-1996 and decided to continue under PF and having failed to exercise option for Pension during 1995-1996 are not eligible for Pension. Stand of ICICI Bank is that Petitioners would be eligible for benefits only under ERO-2003 scheme and are not eligible for Pension.

57. Much emphasis was laid upon regulation 35 (v) to contend that ERO-2003 optees to become eligible for pension :- (i) must have earlier opted for pension in 1995; (ii) employee must have completed 20 years of service to be eligible for pension. Laying emphasis upon the newly added regulation 35 (v), on behalf of the Respondent Bank, it was mainly contended that Petitioners have not earlier opted for pension and therefore, Petitioners are not eligible for pension.

58. Writ Petitioners (excepting two Writ Petitions W.P.No.11180/2004 and W.P.No.36764/2003) numbering about 723 are the ERO-2003 optees. According to the Bank, ERO-2003 scheme is entirely different and that Writ Petitioners were paid the benefits under ERO-2003 scheme and Petitioners are not eligible to claim Pension under Pension Regulations. Early Retirement Option-2003 came into effect w.e.f. 01.07.2003.

Pension Benefit : The Eligible Employees who have opted for pension benefit as per the erstwhile Bank of Madura Employees' Pension Regulations, 1995, will be eligible for the same as per the terms and conditions of the said Regulations.

65. On the basis of Clause 35 (ii) BME Pension Regulations and Clause 8D of ERO-2003, it was mainly argued that only those who have exercised their option for Pension benefits as per Pension Regulations, 1995 alone are eligible to Pension benefits. Plea of the Bank is not in consonance with resolutions passed prior to introduction ERO-2003 and of Clause 8C (iii) of ERO-2003. As per Clause 8C (iii) an eligible employee shall also be entitled to the benefits which are payable on retirement date as under:-

71. W.P.No.11180/2003 :-

Out of 40 Writ Petitioners, 33 are Provident Fund optees claiming Pension who have completed 20 years of service. Seven Pension optees with less than 20 years of service. Though, 33 Writ Petitioners are Provident Fund optees as they have completed 20 years of service, as per Regulation 2 (zea) read with 35 (ii), those 33 Writ Petitioners are entitled for Pension.

72. Remaining seven Writ Petitioners are: (1) Nirmal Kumar, (2) R.Valliappan, (3) K.R.Srimathee, (4) S.Kaliyapural, (5) Raja Elayakumar, (6) M.Umayal and (7) K.Paramasivam. Employees seeking VRS to be eligible for pension a minimum 20 years of service required as per Regulation 35(ii). The above said seven Writ Petitioners have not completed 20 years of service have referred Regulation 14 of Pension Regulations which makes eligible for pension on completion of 10 years "subject to other conditions contained in the Regulations". According to the learned counsel for the Respondents subject to other conditions which are covered under Chapter V i.e. Classes of Pension like (i) invalid pension (Regulation 30), and (ii) pre-mature retirement pension (Regulation 32).