PUNJAB NATIONAL BANK vs P.K. MITTAL

The Supreme Court held that under Clause (2) of Regulation 20 of the Punjab National Bank Service Regulations, a resignation is not effective until three months after notice is served, unless waived by the bank. The Court ruled that the employee retains the right to withdraw the resignation until it becomes effective, affirming the High Court's decision that the resignation could not be accepted with immediate effect. The appeal was dismissed, reinforcing the principle that an employee's resignation must comply with the stipulated notice period unless explicitly waived by the employer.