Hi Madhu,
Your post is quite confusing and provides the interpretation, as if the law does not provide for 240 days of the year to be treated as a completed year for the purpose.
The definition, as in section 2(c) states:
"(c) "continuous service" means uninterrupted service and includes service which is interrupted by sickness, accident, leave, layoff, strike or a lock-out or cessation of work not due to any fault of the employee concerned, whether such interrupted or interrupted service was rendered before or after the commencement of this Act."
"Explanation I.- In the case of an employee who is not in uninterrupted service for one year, he shall be deemed to be in continuous service if he has been actually employed by an employer during the twelve months immediately preceding the year for not less than-"
"(i) 190 days, if employed below the ground in a mine, or"
"(ii) 240 days, in any other case, except when he is employed in a seasonal establishment."
THE DEFINITION IS QUITE CLEAR.
However, can you please make it clear, which type of amendment you want for which part of the definition, as per your interpretation?