FROST INTERNATIONAL LIMITED Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) The proceedings in the matter have been conducted through video conferencing.

(2.) The Bank issued a show cause notice to the petitioners in this regard on 19.07.2019. The petitioners responded to the show cause notice by a communication dated 24.07.2019. The Screening Committee (stated to be constituted under Clause 3 (a) of the Master Circular) held two meetings on 14.10.2019 and 14.11.2019, at which the petitioners were permitted to present their case.

(3.) It appears that at the meeting on 14.11.2019, the Screening Committee decided to declare the petitioners as wilful defaulters. However, this was communicated to the petitioners only on 31.01.2020. The communication dated 31.01.2020 stated as follows:-