No mention in the post about the type of your industry. In my view, Compensatory-Off and Overtime are totally different. Compensatory-Off refers to the right to avail of a holiday in the immediately succeeding spell of working days within the statutory limit on the continuous working days. It implies a paid holiday on any other working day. On the other hand, Overtime refers to the additional hours spent on over and above the normal working hours of a day. It implies payment of wages at a higher rate for the extra hours of service rendered. So my opinion is that the compensation for both can not be the same. You can not ask a workman/employee to come to work late or leave earlier the next day in proportion to the hours spent on overtime the previous day in lieu of overtime wages. However, the requirement of work on a holiday is just for 3 or 4 hours only, you can pay at overtime rate in stead of C-OFF.
3rd April 2017 From India, Salem