In Brief
Indian Overseas Bank sought to overturn a High Court order that set aside an employee's Voluntary Retirement Scheme (VRS) termination. The employee had withdrawn his VRS application before it was formally accepted, and the High Court ordered his reinstatement with full benefits. The Supreme Court held that under the Bank's VRS scheme, once an employee exercises the option, it becomes irrevocable and cannot be withdrawn. Invoking Article 142, the Court fashioned an equitable remedy: the employee was treated as continuously employed until superannuation without backwages from 2001–2014, but with 50% backwages thereafter and adjusted pension benefits.
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