WORKMEN OF NATIONAL & GRINDLAYS BANK LTD. vs THE NATIONAL & GRINDLAYS BANK LTD.

The Supreme Court examined the Payment of Bonus Act, 1965, particularly Sections 2(13), 4(a), and 15, in the context of a dispute regarding bonus computation for the years 1964 and 1965. The Court held that the statutory formula for computing bonus must be adhered to, and that the concept of 'available surplus' must include all relevant provisions for bonus as defined under the Act. The Tribunal's award was set aside, affirming that the entire amount set apart for bonus should be considered in determining the allocable surplus for subsequent years.