SYNDICATE BANK Vs. B. RAVINDRA RAO

JUDGEMENT

(1.) THE respondent joined the services of the appellant -bank in the year 1973. When he was working as a Manager of the New Market Yard Branch between 22.11.1994 to 14.07.1999, certain acts of irregularities were alleged to have been committed by him. By an order dated 12.11.1999, the respondent was kept under suspension and charge -sheet was issued on 09.02.1999.

(2.) TWO charges were alleged against him. One in respect of sanction of loan in a sum of Rs. 21,000/ - to one Ms. Bharathi and another transfer of a sum. of Rs. 20,000/ - from the over draft account of M/s. Ganesh Trading Company, discounted cheques for Rs. 30,000/ -, debit of Rs. 40,000/ - under the sanctioned CDD limit of M/s. Asia Garments and Exports and as regards recovery of Rs. 4,00,000/ - in a bank guarantee paid account. There was no imputation of any personal gain. The second charge was that there was unusual huge credits aggregating to Rs. 3,57,000/ - in the overdraft account of the petitioner within a short span of nine months and this was disproportionate to the known source of income of the respondent leading to a suspicion of his bonafides.

(3.) THEREAFTER , the Enquiring Officer submitted a report holding that the charges were proved. Except the component of charge no. 1, the respondent had not exposed the bank to the risk of financial loss and that it was not established that the respondent fraudulently transferred certain amounts. So far as charge no. 2 is concerned, it was found that the petitioner has not indulged in any business activity which was detrimental to the interest of the Bank.