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| AND IBA APPROVAL |
Under Secretary, Ministry of Finance, Government of India, in his counter affidavit brought a new point saying that the Board resolution needs the approval of IBA ! And, as the pension rules are common for Insurance and the Banking industry, the implementation of the LIC Board resolution would create a ripple in the banking industry. Strange! These points never figured either in the earlier affidavits nor they were brought in any of the arguments before the courts.
In the letter dated 31-12-2001 addressed to the Jt. Secretary Insurance and Banking, GOI by ED (PER/HRD-OD/OIC) none of the above points were raised, instead recommended notification giving effect to the recommendations of LIC Board resolution and all these years the bogey of IBA approval has never been brought.
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| LIC and banking industry - the ripple effect ! |
The legal issues are with regard to certain pension rules idiotically and fancifully framed which has blatantly contradicted the fundamental rights of certain class of pensioners as guaranteed in the constitution and, as they have surfaced and become transparent, requires urgent attention and rectification. In all fairness it should not be scuttled under some pretext or other.
Further it is clear and understood that only constitutional or legal issue which was not properly interpreted by HC and raised for the first time alone can figure in the affidavit. Therefore the so called ripple effect and on top of it the IBA approval for the Board resolution could at best remain only as words which does not deserve any attention as they are deliberately manufactured to digress the court proceedings.
To whomsoever it concerns ignorance of law is no excuse.