Uco Bank And Ors vs Sanwar Mal

The Supreme Court ruled that under Section 2(P) and Section 18(1) of the Industrial Disputes Act, 1947, the respondent, Sanwar Mal, was entitled to opt for the pension scheme introduced by UCO Bank despite having resigned in 1988, as the pension scheme was applicable to employees who retired after 31.12.1985 and opted for the scheme within the stipulated time. The Court held that the regulations framed under Section 19(2)(f) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 were valid and binding, thus affirming the lower court's decree in favor of the respondent. The appeal by UCO Bank was dismissed, confirming the entitlement to pension benefits.