The High Court said an unpaid loan or a failed underlying transaction does not, by itself, make out a criminal offence, and that SBI should have pursued the builder under the tripartite agreement. Bengaluru: The Karnataka High Court has quashed an FIR for alleged cheating, criminal breach of trust and forgery registered against a home […]
The Patna High Court has dismissed a writ petition by a State Bank of India officer challenging his reduction in grade, imposed after a disciplinary inquiry found he had sanctioned clean overdrafts beyond his powers, exposing the bank to a loss of about Rs 49.74 lakh. The Court held that a bank officer is held to a higher standard of honesty, that acting beyond one’s authority is misconduct irrespective of any eventual loss or recovery, and that the penalty was proportionate and not open to interference in judicial review.
The Allahabad High Court has ordered the State Bank of India to refund Rs 19.9 lakh it debited from a woman’s own fixed deposit to recover a personal loan taken by her late husband, who died of Covid, holding that she had no privity of contract with the Bank and that the money was hers. Describing the Bank’s conduct of shuffling her account between branches to make the debit as ‘abominable’ and a serious breach of trust, the Court also awarded Rs 1 lakh compensation.
The Patna High Court has quashed the State Bank of India’s decision treating a long-serving officer as having “voluntarily resigned” for staying away on medical grounds, holding that absence compelled by illness is not wilful abandonment and that the Bank acted arbitrarily and in breach of natural justice. Patna: The Patna High Court has set […]
The Enforcement Directorate has told the Bombay High Court that the recovery of assets worth over Rs 14,000 crore for banks from Vijay Mallya does not wipe out the pending money-laundering charges against him, arguing that a PMLA prosecution operates in a field distinct from the recovery of civil dues. Mumbai: The Enforcement Directorate (ED) […]
The Mumbai Bench of the NCLT admitted SBI’s application seeking personal insolvency proceedings against Reliance Group Chairman Anil Ambani. The Tribunal appointed a Resolution Professional and directed issuance of a public notice inviting creditor claims, marking a major development in the insolvency process.
A Special CBI Court remanded Amitabh Jhunjhunwala, former Group Managing Director of Reliance Communications, to CBI custody until June 5 in an alleged bank loan fraud case. The agency sought custodial interrogation as part of its investigation into a suspected large-scale financial fraud involving Reliance Communications and related group entities.
