As per case facts, a Senior Manager applied for voluntary retirement, which was accepted effective January 2003. However, a charge memo alleging misconduct and financial irregularities was issued later, in ... August/September 2003, initiating disciplinary proceedings post-retirement. Subsequently, a penalty of permanent 1/3rd pension withdrawal was imposed. The petitioner appealed to the High Court, challenging the jurisdiction of initiating proceedings after retirement and the legality of the imposed penalty. The question arose whether disciplinary action can be initiated against a retired employee and if the specific penalty was authorized by existing regulations. Finally, the High Court ruled that initiating disciplinary proceedings after an employee's retirement, especially when regulations apply to active employees, is without jurisdiction. It also found the imposed penalty to be unauthorized as it was not listed under the relevant disciplinary rules and mandatory consultation with the Board was not followed. Consequently, the charge memo and punishment order were quashed, and the bank was directed to release all pensionary benefits.