Legal Question in Banking Law in India

Dear Sir, I was posted as Branch Manager in one of the branches of SBI. during my encumbency I sanctioned SSI loan to one of the borrowers of Rs 4.00 lacs as Term loan for the purchase of machinery.The proceeds of term loan was directly credited to borrower's saving account instead of issuing cheque to the suppliers. Secondly, I also sanctioned a car loan of Rs 2.50 lacs to my wife for which administrative clearance was not obtained from controller but aftersanctioning loan control return was sent to controller for control purpose. Since my wife didnot have any income proof i submitted fake income tax return by copying other's income tax return and altering the name and address. For the margin money, I take a loan from the same borrower of Rs 2.00 lacs which was subsequently returned.
Meanwhile bank suspended me and departmentle enquiry was held and i punished with the penalty with "Removal from service". I filled an appeal against the order of Deciplinary Athority but it was not entertained by the appleate authority on the ground that " in - ordinate delay." Now please advise me what should i do further ? whether I can move to court of law? or Whether I fill Review petition for the case to Review authority in corporate Centre, Mumbai against the order of Applatte Authority? What may happen If i go to court of law ? My service is not pensionable. Please guide me suitably.

Asked on 7/07/13, 4:10 am

2 Answers from Attorneys

Fca Prashant Chavan Expert Edge LLP

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07.07.2013

Dear Sir / Madam,

You can fill a review petition requesting the bank to pardon you for the lapses committed by you during service; but at the same time and as advised earlier, simultaneously be occupied and look for alternative means of earning your livelihood. If you go to the Court, the bank will also be asked to represent the matter, and if proved guilty, you can either be asked to pay up Rs. 4.50 lakhs, or face court criminal proceedings.

Regards,

Answered on 7/07/13, 5:41 am

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