CORPORATION BANK Vs. FILMALAYA PVT LTD

JUDGEMENT

(1.) This is an appeal against the order dated the 15th February, 1991 passed by the State Commission of Maharashtra in dispute between M/s. Filmalaya Private Limited and the Corporation Bank.

(2.) The respondent-complainant had opened two Current Accounts of No. 16 in 1979 and No. 162 in 1985 with the appellant bank. From 18th August, 1986 to 31st August, 1987 the respondent lost a sum of Rs. 2,42,021/- through misappropriation from both the accounts : according to complainant the misappropriation by his employee (Cashier) was made possible due to act of negligence and deficiency in service by the Officials of the Bank.

(3.) According to the State Commission there were three lapses on the part of the Appellant which led to: