HC asks PNB to deposit Rs 45 lakh as compensation
24 Jun 2013 4:34 AM IST
The Delhi High Court has asked a nationalised bank to deposit with it Rs 45 lakh, awarded as damage in an illegal fund transfer case, till the final disposal of its appeal.
The court stayed the Maharashtra adjudicating officer's 25 February order which asked Punjab National Bank (PNB) to pay Rs 45 lakh to Poona Auto Ancillaries as a fraudster transfered
Rs 80.10 lakh from the PNB account of the MD of the Pune-based firm.
‘Operation of the impugned order be stayed subject to the petitioner deposits Rs 45 lakh with the RG of this court,’ the court said.
Issuing notices to the ministries of Commerce and Information and Technology, the court sought their replies by 13 August.
The court order came on an appeal filed by PNB against the adjudicating officer’s order on the complaint of Poona Auto Ancillaries under the IT Act alleging fraudulent transfer of funds from its current account with PNB branch Pune to the account of M/s Sutlej Textile with the PNB’s Kathua branch in Jammu and Kashmir in August 2011.
The court stayed the Maharashtra adjudicating officer's 25 February order which asked Punjab National Bank (PNB) to pay Rs 45 lakh to Poona Auto Ancillaries as a fraudster transfered
Rs 80.10 lakh from the PNB account of the MD of the Pune-based firm.
‘Operation of the impugned order be stayed subject to the petitioner deposits Rs 45 lakh with the RG of this court,’ the court said.
Issuing notices to the ministries of Commerce and Information and Technology, the court sought their replies by 13 August.
The court order came on an appeal filed by PNB against the adjudicating officer’s order on the complaint of Poona Auto Ancillaries under the IT Act alleging fraudulent transfer of funds from its current account with PNB branch Pune to the account of M/s Sutlej Textile with the PNB’s Kathua branch in Jammu and Kashmir in August 2011.
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