Law:

Section:

Banking Companies Ordinance (LVII of 1962)-------S. 47(5)---Amalgamation of Bank---Entitlement of retained employee of Bank to facilities---M Bank having been amalgamated -with N Bank, civil servants who were retained employees of defendant M Bank claimed all benefits admissible to employee of transferee Bank N right from effective date of amalgamation of M Bank where they were previously working--­Claim of civil servants that they were entitled to all benefits admissible to employees of transferee Bank right from effective date of amalgamation was misconceived, because according to provisions of Banking Companies Ordinance, 1962, civil servants being retained employees were entitled for period of three years from effective date of amalgamation to remuneration and terms and conditions as were applicable to them in previous Bank and they could not be in any case subjected to any terms. and conditions less favourable to them than those they were enjoying prior to said date--­Transferee Bank, however, within a period of three years for effective date, was under obligation to extend civil servants (retained employees) terms and conditions of employees of corresponding rank and status of transferee Bank subject to scrutiny of their qualification and experience---Retained employees were to retain their previous terms and conditions whereafter they were to be treated at par with employees of transferee Bank. Kanwar Mukhtar for Appellants. Gulzar Ahmed for Respondents. S.M. Raza Zahid Section Officer, Ministry of Finance and M. Shibli for State Bank of Pakistan. Date of hearing: 2nd July, 1998. JUDGEMENT MUHAMMAD RAZA KHAN (MEMBER).---This judgment will also dispose of connected identical Appeals Nos.46-K, 53-K, 54-K, 58-K, and 62-K of 1998 as all the appeals are identical on facts and law. 2. The appellants were the employees of the defunct Mehran Bank Ltd. The respondent No.2 i.e. the State Bank of Pakistan admittedly initiated action against the said Bank in accordance with the provision of Banking Companies Ordinance, 1962 and consequently the .said Bank., was amalgamated with the National Bank of Pakistan i.e. respondent No.3. The scheme was approved by the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492