H.C. ARORA Vs. STATE OF PUNJAB

JUDGEMENT

(1.) PUNJAB State Electricity Board, Patiala (hereinafter referred to as 'the Board') raised a loan of Rs. 300 crore from Punjab National Bank (hereinafter referred to as 'the Bank'). The loan was raised through an arranger and commission of Rs. 1.62 crore was paid to the applicant.

(2.) APPLICATION for review has been filed in Civil Writ Petition No. 6566 of 2008, decided on 9 -10 -2009, as we had directed the Director, Central Bureau of Investigation to hold preliminary inquiry into the transaction and Reserve Bank of India to evolve a mechanism to curb such payments of commission to the Loan Arrangers.

(3.) NARRATION of facts and inferences drawn by us in our judgment have come under criticism on the ground that true facts were not placed before us, which has, according to the review applicant, resulted in the following inaccuracies in the narration of facts by us: