Mr. S.K.Roy, Ex-Chairman of LIC now becomes a resigning ex-employee!

Respected Ex-Chairman,
                                        Yesterday's newspapers carried the news of your resignation from LIC of India. Welcome to the ranks of resigning ex-employees, who are fighting for their arrears' and difference in retirement benefits' payments which have been unjustly repudiated by LIC of India since 1997! You were one of the perpetrators of this illegal and unjust decision of repudiation of our hard-earned dues.
                                         We are very glad to see that you have got off your high horse, come down to earth and stepped into our well-worn, battle-weary shoes. You've belatedly realized how you were being short-changed by LIC with a measly pay-package not on par with global standards! Hopefully, you'll now empathize with us.
                                         But LIC, the organization with the herd mentality; will just put your flawed and short-sighted decision (Clause 3 1 B, 2016 Charter) on paper, once again.You had also followed your predecessors' unjust and illogical decisions, (taken by them since nearly two decades)! You've judiciously avoided a taste of your own bitter medicine. Maybe your conscience doesn't prick you at all!
                                        When LIC will impudently ask the resigning ex-employees, including you, to knock on the doors of Courts, for their dues, your shoes will pinch you even more, as the learned lawyers representing LIC will vociferously argue that "You are also a disloyal person who quit LIC for greener pastures!" We eagerly look forward to the arguments that you'll present then! Anyway, now that we have your illustrious presence in our midst, our cause will be bolstered and we can be assured of getting all our dues some day soon.
                                           Meanwhile, we also await the day when others from the Managing Board of Directors join our ranks. All the best, Ex-Chairman!
                                                                                                        Yours sincerely,
                                                                                        Resigning Ex-employees of LIC of India

P.S. This is Divine Justice. The cycle of life is eternal. What goes up has to come down and vice-versa!
       Nothing is constant in life, except CHANGE!

Supreme Court's judgment dated 12.02.2008- Fixation of cut-off date is ultra vires!

Order passed by the Hon'ble Supreme Court in Civil Appeal No. 1289 of 2007 - Life Insurance Corporation of India and others v. Retirement L.I.C. Officers Association and others, decided on 12.2.2008, wherein the appeal filed by the Life Insurance Corporation of India against the judgment of the Kerala High Court was dismissed.

 

In the aforesaid case, the Hon'ble Supreme Court has held to the following effect:-

“25. Revision of scales of pay as also other allowances is technical in nature. When a benefit is extended to a group of employees the effect of such benefit, if otherwise comes within the purview thereof must be held to be applicable to other groups of employees also. An employee is entitled to gratuity. It is not a bounty. It is payable on successful tenure of service. Regulation 77 provides as to how the amount of gratuity is to be calculated. Regulation 51 provides for a rule of measurement. Only because it employed the word “permanent basic pay”, the same will not itself lead to the conclusion that once an employee has retired, he would not be entitled to any revision of the amount of gratuity.

26. The Chairman of the Corporation has himself given a retrospective effect to revision in scales of pay. Such a retrospective effect has also been given so as to benefit a class of employees. The employees, irrespective of the fact whether they had superannuated or not, were given the benefit of arrears of pay from Ist August, 1993. By reason of grant of such benefit both to serving employees as also the superannuated employees, both the class of employees became entitled thereto as of right. If by reason thereof, even a retired employee, as on the date of retirement, became entitled to the benefit of the revised scale of pay, the same for all intent and purpose must be taken to be the permanent basic pay, apart from other allowances, if any, which are required to be taken into consideration for the purpose of computation of the amount of gratuity.”

 

Later, the Hon'ble Supreme Court found that fixation of cut off date by the Chairman of the Corporation is beyond the powers conferred upon him by the Statute.