RAMESH CHANDRA SHARMA Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) These two appeals arising out of the common judgment and order were taken up together for hearing and are being disposed of by this common judgment.

(2.) Before embarking upon the question involved in these matters, we may notice the fact of the matter.

(3.) Punjab National Bank (hereinafter referred to as the ' Bank' ) is a nationalized Bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (1970 Act). While Ramesh Chandra Sharma (hereinafter referred to as the ' appellant' ) was working in the capacity of a Manager in the Bank' s Latouche Road, Kanpur Branch, a disciplinary proceeding was drawn against him. The following charges were levelled against him: " ARTICLE -I He acted negligently as also deliberately with improper motive while granting credit facility to various borrowers to the detriment of the interest of the Bank and thereby exposed huge funds of the Bank to jeopardy. ARTICLE -II He did not discharge his duties with utmost integrity by unauthorizedly associating outsiders through which he affected disbursement of the loan to various borrowers overlooking the fact that entire proceeds of the loan has not been received by the borrowers. ARTICLE -III He did not ensure to keep limitation alive in borrowal accounts, thereby exposing Bank' s funds to jeopardy, as also incurred expenses beyond his vested financial powers." Charge No. I was sub-divided into 24 sub-charges and Charge No. III was sub-divided into two sub-charges. All these charges were proved. A disciplinary proceeding was initiated in relation thereto.