B M JHANWAR Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) The petitioner, who is an employee of the Punjab National Bank, has filed the instant petition challenging the penalty order dated 16.01.1998 whereby major penalty of "dismissal from Bank's service" has been imposed on him. The appeal filed by the petitioner against the punishment order has also been dismissed by the appellate authority vide order dated 22.12.1998 and the same is also impugned in the instant petition.

(2.) The brief facts of the case are that the petitioner was issued a chargesheet dated 05.10.1996 (Annex.4) along with statement of article of charge and statement of imputation of charge, in support thereof. It was alleged in the statement of article of charge that the petitioner while working as an officer at Branch Office MI Road, Jaipur had accommodated M/s.Asean Industrial Structures Limited in an unauthorized manner and he acted in collusion with other agents in a manner detrimental to the small investors and accepted the applications for shares after the closure of the issue in violation of SEBI/Bank guidelines and he concealed the facts from his higher authorities which was unbecoming of a Bank Officer. The said acts of the petitioner were found to be misconduct, in terms of Regulation 3(1) read with Regulation 24 of the Punjab National Bank Officer Employees (Conduct) Regulations, 1977. The statement of article of charge against the petitioner is reproduced hereunder:- <FRM>JUDGEMENT_173_LAWS(RAJ)7_2018_1.html</FRM>

(3.) The statement of imputation of charge in support of article of charge, against the petitioner was supplied to him as Annexure-II and the details of application which was received after closure of public issue were supplied as Annexure-III along with the chargesheet to the petitioner.