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7. In view of the above contentions, two questions that arise for our consideration are:

(1) What is the nature of the Superannuation Benefit Fund Scheme? Has it been floated by the employer or constituted or floated jointly by the employer and the employees?
(2) Whether the employees who retired prior to November 7, 1987 i.e. the date of introduction of the scheme fall within the sweep of the said scheme?

8. We have already pointed out that what was the understanding given to the employees in the letter dated July 15, 1986 by respondent No. 3 i.e. it is going to be a self generating scheme floated by the employees. We have also pointed out above how the respondent No. 1 understood it and passed the resolution in October, 1986 declining to bear any financial burden. The MOD that was signed on November 7, 1987 gives a short recital and inter alia provides that the reason for introducing the said Superannuation Benefit Fund Scheme. It is pointed out that public sector undertakings do not have any such scheme. It is not possible for the respondent No. 1 to introduce such a scheme. Therefore, the officers have conveyed that they are prepared to contribute part of their salary towards the Contributory Superannuation Benefit Fund Scheme for setting up a superannuation benefit fund. They were willing to exchange some of the existing and committed benefits and to put those amounts into the fund to make it viable and a self-sustaining scheme. It is also provided that the respondent No. 1 was to provide administrative support for deductions from the salaries, etc. and to provide advice and guidance in instituting and operating the said fund. It is also mentioned that introduction of such a scheme may enable the Corporation to attract and retain talent. The Terms of Memorandum of Understanding inter alia provide that the said Superannuation Benefit Fund shall be operated throughout a Trust to be under the Indian Trust Act in fulfilment of the requirements of the Income Tax Act, 1961. Suitable annuity will be bought from L.I.C. at the time of superannuation or separation of an employee in accordance with the provisions of the scheme. The Trustees to the Trust shall be nominated by the Chairman of the respondent No. 1. The composition was to be finalised within six months after deliberations with the respondent No. 3. The contributions of the officers were to be calculated on the salary. How the salary is to be computed is also mentioned. It further provided that officers who were in the age group of 38 years or less were to make the contribution of 2% of monthly salary, officers in the age group of 38 to 48 years 3%, officers in the age group of 48 years but less than 53 years 4% and those who were above 53 years 5%. It was provided that every officer shall be required to contribute for a minimum period of 5 years. If the contribution is for a period of less than 5 years, then the balance amount is to be paid in lumpsum. Clause 3 of the said MOU provides for certain allowances or benefits tg be utilised in funding the said scheme, such as Tea/Coffee Allowance, Washing Allowance, etc. It includes 'Benevolent fund for education and other welfare measures'. It provides that the maximum benefit payable under the scheme to a superannuating officer is at the rate of 40% of the last salary. It also provided that if an officer with less than 15 years service resigns from the service then his contribution from salary is refundable without interest. Similar is the position in case of an employee who is dismissed or removed from service. Clause 10 gives power to the trustees to review the availability of funds annually or periodically. Clause 11 thereof provides that the scheme be implemented on the basis of 100% participation of the officers including the new entrants and the promotees from amongst the rank of non-officers. Clause 12 provides that the Trust to be instituted for implementation of the scheme would require clearance by the Commissioner of Income Tax. It also provides that in case Government introduces any pension scheme for public sector employees, then that would be in addition to the Contributory Superannuation Benefit Fund Scheme, Pursuant to this, the Trust Deed came to be executed on December 24, 1987. In the introductory part, it is clearly mentioned that employees are desirous of instituting for themselves certain benefits on their retirement. The said fund is to be governed by the Rules and Regulations. It is also mentioned that it is proposed to create a Contributory Superannuation Benefit Fund for the benefit of their members. It is to come into operation from November 7, 1987. The fund is to be called "Indian Oil Corporation Ltd. Employees Superannuation Benefit Fund". Schedule is annexed to it giving Rules (Regulations). The definition of "beneficiary" is given in Clause (c). Clause (f) gives the definition of "contribution" as coming from salary and by the company out of its money. Clause (k) gives the definition of "salary". Rule 2 provides for the effective date of the coming into force the fund as November 7, 1987. Rule 3 provides for constitution of the fund. Rule 4 provides for Board of Trustees. It provides that there shall be minimum two trustees and not more than 9. The trustees were to be appointed by the Chairman of the respondent No. 1. Rule 12 provides for employees who can be admitted to the said fund. Rule 16(a)(i) provides for mandatory contribution to the fund by the respondent No. 1 as Rs. 100/- per annum. Rule 16(a)(ii) permits the respondent No. 1 to make additional contribution. Rule 16(b) provides for the contributions which are to be made by the employees and it inter alia provides that contribution shall not exceed 15% of the salary per annum. Rule 18 provides for the benefits which are accrued to the employees who are going to be used for funding. It, inter alia, provides that maximum benefit payable under the scheme shall be at the rate of 40% of the last salary drawn based on reachable service of full 32 years. The said Rule goes on mentioning how the amount of pension is to be calculated and given to the employees,