SATISH KUMAR KALRA Vs. CENTRAL BUREAU OF INVESTIGATION

JUDGEMENT

(1.) All the above batch of cases arising out of same FIR and Charge-sheet, hence they are taken up together and disposed of by this common order.

(2.) A complaint was filed by the Circle Head, Punjab National Bank with the Superintendent of Police, CBI, Kolkata on 27.1.12 against all above petitioners for allegedly defrauding the bank. In the said complaint, it has been submitted that one of the Directors M/s Double Dee Construction Private Limited, (engaged with business of construction of works) namely, Jitu Goswami, filed a loan application on 10.2.2009 with the Punjab and National Bank, Bhangagarh Branch mentioning that the Company has already availing credit facilities of CC limit of 9 crores and BG Limit of 20 crores from the Indian Oversees Bank, Dispur (in short IOB) against collateral security of landed property at Guwahati and the said Double Dee Construction Private Limited requested the Punjab Bank Authority with the credit facility for the execution of the work order for availing cash credit facility of Rs.6 crores and Bank Guarantee of Rs.20 crores. In the process of credit opinion from IOB, Dispur Branch it was reported on 26.2.2009 that the account M/s Double Dee Construction Private Limited was declared as NPA. But the Branch Manager of PNB Mr. P.K. Kataky inspite of knowing the credit opinion that the loan A/c turned NPA, recommended the proposal to the Circle Office. The loan proposal was processed by the Circle Credit Committee comprising of P.Chakma (Sr. Manager), Janak Raj Dhawan (Chief Manager RMD), Shri N.C. Barman (Chief Manager Credit) who recommended the sanction of the aforesaid limit as proposed by the said Construction Company, by waiving insurance of stock, and various other primary security. The credit proposal approved by the said Credit Committee was finally sanctioned by Shri S.K. Kalra (Circle Head PNB). The Branch Manager P.K. Kataky with connivance with empanelled valuer Mr. M. Pathak who inflated the value of property of the said construction company to facilitate the party to avail the higher limit and exposed the Bank to loss of Rs.15.22 croes. That apart said Mr. P.K.Katkay obtained blank CIBIL report against M/s Double Dee Construction Private Limited by furnishing wrong name only to suppress the factual credit worthiness on the part of the Company and said intentional procedural lapse was overlooked by the Circle Credit Committee and the sanctioning authority headed by Shri S.K. Kalra (Circle Head PNB). Thus after committing all procedural lapse on the part of the Bank Officers the loan was sanctioned on 31.3.2009 and disbursement of CC Limit as well as issuance of BG was started from 7.4.2009. The Circle Head PNB Mr. S.K. Kalra inspite of advise from CVO to stop exposer in the loan A/c of said M/s Double Dee Construction Private Limited allowed to disburse the limit to the said party, without any public interest.

(3.) In pursuance of sanctioned of limit by the PNB a tripartite agreement was executed among the Bank (PNB), M/s Double Dee Construction Private Limited and M/s Lanco Infratech Limited (who undertake to make all payment due to the M/s Double Dee Construction Private Limited) to the PNB by way of cheque, but , however no payment was made to the Bank as per the agreement. In the meantime, Bank Guarantee (BG) amounting to Rs.9,61,98,839/- was issued and invoked by M/s NBCC Limited due to failure of M/s Double Dee Construction Private Limited to execute the contract. The borrower could not make any repayment against CC Limit of Rs.6 crores and BG Limit of 10 crores and account was declared as NPA on 27.5.2010 which resulted wrongful loss to the PNB to the tune of Rs.15.22 crores.