D. S. SINHA, J. ( 1 ) HEARD Sri Raj Kumar Jain, learned Senior Advocate, appearing for the petitioners, Sri K. L. Grover, learned Senior Advocate, representing the respondent No. 3, and Sri Shambhu Nath Srivastava, learned Senior Standing counsel of the Central Government, appearing for the respondents Nos. 1 and 2. ( 2 ) AT the out set, Sri Jain states that the relief Nos. (i) and (iii) are not pressed, and that the writ petition should be treated to be confined to relief nos. (ii) and (iv) only. ( 3 ) THUS, the surviving twin reliefs claimed by the petitioners are :a. for issuance of a writ of certiorari, order or direction in the nature of certiorari, quashing the notification dated 4/09/1993, a photo copy whereof is Annexure-1 to the petition, and;b. for issuance of a writ of mandamus, order or direction in the nature of mandamus commanding the respondents to implement the agreements/settlements filed as Annexures 3 to 23-A to the writ petition. ( 4 ) THE impugned notification dated 4th Sepetmber, 1993 has been issued by the Central Government in exercise of powers conferred upon it by S. 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, hereinafter called the 1980 Act, whereby the scheme called the New Bank of India (Amalgamation and Transfer of Undertaking) Scheme, 1993 has been formulated. The scheme stipulates that on the commencement of the scheme the undertakings of New Bank of India shall be transferred to, and shall vest in, Punjab National Bank. The scheme, inter alia, provides that unless otherwise expressly provided by the scheme all contracts, deeds, bonds, agreements, power of attorney, and other instruments of whatever nature subsisting or having effect, immediately before the commencement of the scheme and to which the transferor bank is a party or which are in favour of the transferor bank, shall be of full force and effect against or in favour of the transferee bank, and may be enforced or acted upon as fully and effectively as if in the place of the transferor bank the transferee bank had been a party thereto or as if they had been issued in favour of the transferee bank. ( 5 ) LEARNED counsel of the petitioners submits that the transfer of the undertakings of the New Bank of India to and vesting in Punjab National Bank is illegal in as much as S. 9 of the 1980 Act does not empower the Central Government to make the scheme of amalgamation of any "corresponding new bank" envisaged under the 1980 Act with the "corresponding new bank" brought into existence upon enforcement of the provisions contained in the Banking Companies Act (Acquisition and Transfer of Undertakings) Act, 1970, hereinafter called the 1970 Act. ( 6 ) ACCORDING to the learned counsel for the petitioners, the New Bank of India is a "corresponding new bank" brought into existence by virtue of 1980 Act and the Punjab National Bank is a "corresponding new bank" which came into existence by virtue of 1970 Act. Therefore, the learned counsel submits that the amalgamation of the "corresponding new bank" envisaged under 1980 Act with "corresponding new bank" conceived under 1970 Act is beyond the scope of powers conferred under S. 9 of the 1980 Act. ( 7 ) COUNTERING the contention of the learned counsel of the petitioners, the learned counsel representing the respondents submit that a careful scrutiny and meaningful analysis of the provisions of 1980 Act would reveal that amalgamation of "corresponding new bank" contemplated under 1980 Act with "corresponding new bank" contemplated by 1970 Act is fully covered under the provisions of S. 9 of 1980 Act, and that impugned amalagamation of New Bank of India with Punjab National Bank is quite in accordance with provisions of law, suffering from no infirmity. 7 ( 8 ) FOR proper and effective appreciation of the rival contentions of the learned counsel of the parties, it is apposite to take note of various provisions of S. 9 of the 1980 Act. the said section is,therefore, quoted hereinbelow in extenso;"9. Power of Central Government to make scheme- (1)The Central Government may, after consultation with the Reserve Bank, make a scheme for carrying out the provisions of this Act. the said section is,therefore, quoted hereinbelow in extenso;"9. Power of Central Government to make scheme- (1)The Central Government may, after consultation with the Reserve Bank, make a scheme for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, the said scheme may provide for all or any of the following matters, namely :-- (a) the capital structure of the corresponding new bank, so however that the paid -up capital of any such bank shall not be in excess of (rupees five hundered crores); (b) the constitution of the Board of Directors by whatever name called, of the corresponding new bank and all such matters in connection therewith or incidental thereto as the Central Government may consider to be necessary or expedient; (c) the reconstitution of any corresponding new bank into two or more corporations, the amalgamation of any corresponding new bank with any other corresponding new bank or with another banking institution, the transfer of the whole or any part of undertaking of a (corresponding new bank to any other corresponding new bank or banking institution) or the transfer of the whole or any part of the undertaking of any other banking institution to a corresponding new bank; (d) such incidental, consequential and supplemental matters as may be necessary to carry out the provisions of this Act. (3) Every Board of Directors of a corresponding new bank, constituted under any scheme made under sub-sec. (1), shall include - (a) representatives of the employees, and of depositors, of such bank; and (b) such other persons as may represent the interests of each of the following categories, namely, farmers, workers, and artisans, to be elected or nominated in such manner as may be specified in the scheme. (4) The Central Government may, after consultation with the Reserve Bank, make a scheme to amend or vary any scheme made under Sub-sec. (1 ). (5) On and from the date of coming into operation of a scheme made under this Section with respect to any of the matters referred to in clause (c) of sub-sec. (4) The Central Government may, after consultation with the Reserve Bank, make a scheme to amend or vary any scheme made under Sub-sec. (1 ). (5) On and from the date of coming into operation of a scheme made under this Section with respect to any of the matters referred to in clause (c) of sub-sec. (2) or any matters incidental, consequential and supplemental thereto,- (a) the scheme shall be binding on the corresponding new bank or corporations or banking institutions, and also on the members, if any, the depositors, and other creditors and employees of each of them and on any other person having any right or liability in relation to any of them including the trutees or other persons, managing or in any other manner connected with, any provident fund or other fund maintained by any of them; (b) the properties and assets of the corresponding new bank, or, as the case may be, of the banking institution shall, by virtue of and to the extent provided in the scheme, stand transferred to, and vested in, and the liabilities of the corresponding new bank or as the case may be, of the banking institution shall, by virtue of, and to the extent provided in the scheme, stand transferred to, and become the liabilities of the corporation or corporations brought into existence by reconstitution of the banking institution or the corresponding new bank, as the case may be. Explanation I.- In this section "banking institution" means a banking company and includes the State Bank of India or a subsidiary bank. Explanation II.- For the purposes of this section, the expression "corresponding new bank" shall include a corresponding new bank within the meaning of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. Explanation I.- In this section "banking institution" means a banking company and includes the State Bank of India or a subsidiary bank. Explanation II.- For the purposes of this section, the expression "corresponding new bank" shall include a corresponding new bank within the meaning of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. (6) Every scheme made by the Central Government under this Act shall be laid as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the scheme or both Houses agree that the scheme should not be made, the8 scheme shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that scheme. " (Emphasis supplied) ( 9 ) SECTION 9 of the 1980 Act empowers the Central Government, after consultation with Reserve Bank, to make a scheme for carrying out the provisions of the Act generally, and particularly for the purposes specified in sub-sec. (2) of S. 9 of the Act. ( 10 ) CLAUSE (c) of sub-sec. (2) of S. 9 of the Act invests the Central Government with power to make scheme for :- (1 ). Reconstitution of any corresponding new bank into two or more corporations, (2 ). Amalgamation of any corresponding new bank with any other corresponding new bank or with another banking institution, (3 ). Transfer of the whole or any part of the undertaking of a corresponding new bank to any other corresponding new bank or banking institution, or (4 ). Transfer of the whole or any part of the undertaking of any other banking institution to a corresponding new bank. ( 11 ) THE expression "corresponding new bank" has been defined in clause (b) of S. 2 of the 1980 Act. According to the definition "corresponding new bank" in relation to an existing bank means the body corporate specified against such bank in column 2 of the First Schedule. ( 11 ) THE expression "corresponding new bank" has been defined in clause (b) of S. 2 of the 1980 Act. According to the definition "corresponding new bank" in relation to an existing bank means the body corporate specified against such bank in column 2 of the First Schedule. New Bank of India figures in column 2 of the First Schedule of the 1980 Act, identifying it as "corresponding new bank", which has been amalgamated with Punjab National Bank, a "corresponding new bank" created under the 1970 Act and included in the expression "corresponding new bank" for the purposes of S. 9 of 1980 Act as provided in Explanation II appended to sub-sec. (5) of S. 9 aforesaid. ( 12 ) AMALGAMATION of "corresponding new bank" brought into existence by the 1980 Act with any other "corresponding new bank" or with another "banking institution" is conceived of in clause (c) of sub-sec. (2) of S. 9 of 1980 Act. ( 13 ) THEREFORE, the question that arises for consideration is whether the Punjab National Bank with which New Bank of India has been amalgamated can be held to be a "corresponding new bank" or a "banking institution" as contemplated under clause (c) of sub-sec. (2) of S. 9 of the 1980 Act. ( 14 ) ACCORDING to the Explanation I, appended after clause (b) of sub-sec. (5) of the S. 9 of the 1980 Act, "banking institution" means a "banking company" and includes the State Bank of India or a subsidiary bank. The expression "banking company" has not been defined in 1980 Act. However, clause (e) of S. 2 of 1980 Act provides that words and expressions used in the Act and not defined but defined in the Banking Regulation Act, 1949 have the meanings respectively assigned to them in that Act. ( 15 ) CLAUSE (c) of S. 5 of the Banking Regulation Act, 1949 defines the expression "banking company". According to the definition contained therein "banking company" means any company which transacts the business of banking in India. Neither can it be nor has it been disputed before this Court that Punjab National Bank is a company, which transacts business of banking in India. Therefore, inescapable conclusion is that Punjab National Bank, which is a "banking company", is a "banking institution" as contemplated under clause (c) of sub-sec. (2) of S. 9 of 1980 Act. Neither can it be nor has it been disputed before this Court that Punjab National Bank is a company, which transacts business of banking in India. Therefore, inescapable conclusion is that Punjab National Bank, which is a "banking company", is a "banking institution" as contemplated under clause (c) of sub-sec. (2) of S. 9 of 1980 Act. ( 16 ) EXPLANATION II to sub-sec. (5) of S. 9 of 1980 Act provides that for the purposes of the said section expression "corresponding new bank" shall include a "corresponding new bank" contemplated in the 1970 Act. Thus, Punjab National Bank is a "corresponding new bank" envisaged in clause (c) of sub-sec. (2) of S. 9 of the 1980 Act. ( 17 ) AS noticed earlier, clause (c) of Sub-sec. (2) of S. 9 of the 1980 Act. sanctions amalgamation of "corresponding new bank" with any other "corresponding new bank" or with another "banking institution", and there being no doubt that New Bank of India is a "corresponding new bank", conceived of under 1980 Act, and which expression includes "corresponding new bank" within the meaning of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 vide Explanation II appended to sub-sec. (5) of S. 9 of the 1980 Act; and that the Punjab National Bank is a "corresponding new bank" as well as a "banking institution" as contemplated by clause (c) of sub-sec. (2) of S. 9 of the said Act, the impugned scheme of amalgamation of New Bank of India with Punjab National Bank cannot be faulted as being ultra vires of the provisions of S. 9 of 1980 Act. 9 The impugned scheme is absolutely perfect, and does not suffer from any infirmity warranting interference by this court in exercise of its discretionary jurisdiction under Article 226 of the Constitution of India. The submissions of the learned counsel of the petitioners to the contrary are misconceived and cannot be upheld. ( 18 ) INDISPUTABLY, the impugned scheme was framed in the year 1993, and has been duly acted and fully implemented. It is operating since its inception. The implemention and operation of the scheme has resulted in creation of myriad rights and obligations of the Bank, its employees and the people dealing with them. Any interference with the scheme impugned herein will have the effect of unsettling the settled scheme and consequences emanating thereform, resulting in chaos and confusion. It is operating since its inception. The implemention and operation of the scheme has resulted in creation of myriad rights and obligations of the Bank, its employees and the people dealing with them. Any interference with the scheme impugned herein will have the effect of unsettling the settled scheme and consequences emanating thereform, resulting in chaos and confusion. This aspect is another factor which dissuades the Court from interfering with the impugned scheme. ( 19 ) LEARNED counsels for the respondents submit, and rightly so, that the employees of New Bank of India, who are represented by petitioning Union, having already submitted and acquiesced to impugned scheme long back in the year 1993, the petitioners are estopped from challenging the scheme on behalf of the employees of New Bank of India. ( 20 ) WITH regard to the relief No. (iv) for issuance of a writ of mandamus, order or direction in the nature of mandamus commanding the opposite parties to implement the agreements/settlements filed as Annexures 3 to 23-A to the writ petition, the Court is of the opinion that petitioners will be better advised to avail the statutory remedy provided under the Industrial Disputes Act, 1947 in as much as for granting this relief the court will have to undertake investigation of various question of fact existence of which will be condition precedent for enforecement of agreements and settlements sought to be enforced by this petition. Normally, such exercise is not undertaken by this Court in exercise of its special and extraordinary jurisdiction under Article 226 of the Constitution of India. On the facts and circumstances of the case, and for the reasons stated above, the Court is of the opinion that instant petition lacks merit. It is dismissed accordingly. There is no order as to costs. Petition dismissed. .