95. Our determination, with reference to all the issues canvassed above, would also answer the question left open in para 73 above. Namely, whether or not the contingent right, as was vested in the respondent employees, was binding or irrevocable. We may now sum up the position determined by us, in the foregoing paragraphs. It is no doubt true that we have concluded that the 1999 Scheme, created a contingent right in the respondent employees. The respondent employees comprise of all those employees of corporate bodies, who had opted for the 1999 Scheme, immediately on its having been introduced; all those, who were deemed to have opted for the 1999 Scheme by not having exercised any option; and all those who were appointed after the introduction of the 1999 Scheme. The first issue that arises is, whether any express right or obligation existed between the respondent employees and the State Government. One can understand such a claim arising out of an obligation between an employer and his employees, where there is a quid pro quo — a trade-off based on a relationship (as between, an employer and employee). We have, however, concluded that there was no such relationship between the State Government, and the respondent employees. All the corporate bodies in which the respondent employees were/are engaged, are independent juristic entities. It is, therefore, apparent that the claim raised by the respondent employees, is not based on any right or obligation between the parties. We have also examined the submissions advanced by the learned counsel premised on various constitutional provisions (Articles 14, 16, 21 and 300-A of the Constitution of India), but have found that no right can be stated to have been violated thereunder. We have also examined the other legal submissions, advanced on behalf of the respondent employees, and have found the same, as unjustified. The issue whether administrative review was permissible after the 1999 Scheme had become operational, has been answered in the affirmative. And finally, we have concluded, that the exercise of such power, while issuing the repeal notification, was based on due consideration. We, therefore, hereby uphold, the legality and constitutionality of the Notification dated 2-12-2004.
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“57. In our view, non-availability of financial resources would not be a defence available to the appellant Bank in taking away the vested rights accrued to the employees that too when it is for their socio-economic security. It is an assurance that in their old age, their periodical payment towards pension shall remain assured. The pension which is being paid to them is not a bounty and it is for the appellant to divert the resources from where the fund can be made available to fulfil the rights of the employees in protecting the vested rights accrued in their favour.”
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