Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: empanelment :: VAT RATES :: form 3cd :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: TDS :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Tax-saving for young earners simplified
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case

`Banks can reject VRS applications'
January, 15th 2007

Banks, which had introduced a `voluntary retirement scheme' (VRS), had "absolute discretion either to accept or not to accept applications of employees" to avail themselves of the scheme, the Madras High Court has held.

The First Bench, comprising Chief Justice Mr A.P. Shah and Mr Justice K. Chandru, while dismissing writ petitions challenging action of Indian Bank, Chennai, in rejecting 482 out of 2,542 applications received under VRS on ground that they fell under excluded category, said the object of the scheme was only to downsize work force and hence the discretion exercised by the bank in accepting applications for voluntary retirement depending upon nature of work of employees "cannot be said to be arbitrary or discriminatory."

Discrimination

The bank had option to choose among specialised officers. Petitioners having been qualified and identified as personnel whose services were needed, discretion exercised in not accepting their applications for VRS could not be faulted with.

There was no discrimination or arbitrariness insofar as petitioners were concerned.

Their contention that while the bank had proceeded to accept applications of highly qualified specialists in information technology, the petitioners who were similarly placed were not allowed to retire, was untenable, the Bench held.

The bank submitted that while announcing VRS, it was clearly mentioned that it would be prerogative of management, either to accept or reject applications depending upon requirement of bank.

,The Bench said they had gone through the entire records, and "we are of the view that there is absolutely no substance in the submission of the petitioners that the bank had adopted a `pick and choose' policy."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions