THE CHARTERED BANK, BOMBAY vs THE CHARTERED BANK EMPLOYEES' UNION.

The Supreme Court held that the termination of the Assistant Cashier's services by the Bank was valid under para. 522(1) of the All India Industrial Tribunal (Bank Disputes) Award, 1953, as the Chief Cashier's withdrawal of guarantee was justified due to the Assistant Cashier's repeated unauthorized absences. The Court emphasized that while an employer cannot terminate a permanent employee without following due procedure, in this case, the Bank's actions were not a colorable exercise of power, and the tribunal lacked jurisdiction to interfere. The judgment reaffirmed that the requirement of bona fides is essential in termination cases, particularly when security is at stake.