In Brief
Two employees absorbed from a closed state enterprise (Rajasthan State Agro Industries Corporation) into Rajasthan State Road Transport Corporation claimed pension benefits after opting for the Pension Scheme. The transport corporation denied pension, arguing that a 'capital amount' had not been transferred from the erstwhile employer. The Supreme Court held that the statutory Circular only required transfer of CPF contributions (already done), not any separate capital amount. The Court affirmed the High Court judgments granting pension and modified conditions: pension payable from deposit date, CPF amounts already received by employees need not be refunded or deducted, and no interest payable. Appeals dismissed.
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