Seniority benefits after joining service, can’t earned retrospectively: SC

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New Delhi, Sep 28 | The Supreme Court on Tuesday said seniority benefits can be accrued only after a person joins service and to say that benefits can be earned retrospectively would be “erroneous”.

A bench of Justices R. Subhash Reddy and Hrishikesh Roy said: “The jurisprudence in the field of service law would advise us that retrospective seniority cannot be claimed from a date when an employee is not even borne in service.”

The bench also added that it is also necessary to bear in mind that retrospective seniority, unless directed by court or expressly provided by the applicable rules, should not be allowed. “Seniority benefit can accrue only after a person joins service and to say that benefits can be earned retrospectively would be erroneous,” it added.

Hearing an appeal filed by the Bihar government against the Patna High Court order, which allowed a plea by a man seeking retrospective seniority, the top court said: “We are of the considered opinion that the High Court was in error in granting retrospective seniority to the respondent.”

In the present case, the top court said it is not a case of recruitment by selection, rather a compassionate appointment made on court’s order. “The court’s direction to the state was to appoint within one month without specifying that the appointment should have a retrospective effect,” it noted.

The top court noted that the man’s father was working as a home guard and after he died in harness, the son applied for a compassionate appointment. The committee recommended him along with others, in 1985 as one of the persons shortlisted. However, he could not meet the physical standards, and challenged this in the high court. The high court allowed his appointment for Class IV post, and in February 1996, he was appointed on the order issued by the Commandant of the Bihar Home Guard.

In 2002, he claimed seniority from December 5, 1985, but his claim was rejected on the ground that he was only appointed in 1996. The authorities pointed out that he was not borne in service as of 1985, but the high court directed that his seniority be considered from December 5, 1985.

The apex court noted the man is claiming seniority benefits for 10 years without working for a single day during that period, and over other regular employees who have entered service between 1985 to 1996. In this situation, the seniority balance cannot be tilted against those who entered service much before the respondent, it held.

Source: IANS

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Share Market Weekly Outlook for Next Week

Share Market Weekly Outlook for Next Week

Indian market plummets for the second consecutive week, seems bulls losing their upper hands in the coming days. Index reacted violently grasping Indian as well as global factors throughout the past week.

High oil prices, uncertainty amid Ukraine war, mounting inflation and prospects of aggressive monetary tightening by the U.S. Fed all contributed to poor sentiment. Undoubtedly, the biggest negative sentiment was led by continued inflation all over the world. Sensex sheds 2041.96 points or 3.72 percent while Nifty losses 629.10 points or 3.83 percent in a week. Simultaneously, Bank nifty also lost control over the bears’ dominance. Nonetheless, no sector ended in green while Nifty Energy lost 10.56 percent and remained the prime laggard followed by Nifty PSE, and Nifty Realty losing 5 to 6 percent in a week.

In Nifty stock, BAJAJ AUTO gained 4.07% while TATASTEEL lost 14.54% on a weekly basis. INDIA VIX closes at 23.48 suggesting no sign of relief in volatility. Whenever the market tanks 20% from its peak, it is technically termed as the bear market. Currently the Indian market remains at the edge of 15 percent fall. Technically, on a weekly chart, the index has formed a long bearish candle confirming change in trend from positive to negative side.

Index has also faced resistance around 16300 levels throughout the week. Indicators as RSI still remains in the oversold zone and MACD also indicating no sign of reversal. In the daily chart lower low- lower high formation suggests no major pullback is expected. Coming to the OI monthly Data, on the call side the highest OI witnessed was 16000 followed by 16500 strike price while on the put side, the highest OI was at 15500 followed by 15000 strike price. Overall, Nifty is having support at 15500 mark while on the upside 16100 followed by 16300 may act as an immediate resistance. While Banknifty has support around 32000 while resistance is placed at 34300 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

It was a volatile trading session after a positive opening, Nifty made an intraday high at 16318.75 level but showed downside momentum and tested the 16000 mark and managed to close at 16167.10 level with a loss of 72.95 points.

However, Bank nifty closed the session at 34693.15 level with a gain of 210.50 points. 31 out of Nifty 50 stocks ended in Red which suggest broad based selling. Among sectors, Bank, Commodities indices up by 0.5-0.3 percent each, while IT and Auto indices down by 1 percent each.

Stocks like ONGC, AXISBANK, INDUSINDBK, CIPLA & HDFC ended in green SHREECEM, BAJAJFINSV, LT & BAJFINANCE were the prime laggards.Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter.

However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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