| HC stays imposition of fine on Chairman, MD of CCBL | | | Early Times Report
JAMMU, Oct 20 : High Court today stayed the order of special order whereby it had imposed fine on both Chairman and Managing Director (MD) of Central Cooperative Bank Limited (CCBL).In a petition filed by Chairman CCBL and MD CCBL seeking quashing of the order passed by the of the Special Tribunal whereby Special Tribunal while dismissing the petition of the management of Citizen Co-operative Bank Ltd observed that they were misusing judicial process and preventing statutory authority from taking lawful action.
The tribunal had imposed a fine of Rs 10,000 each on the bank Chairman and its Managing Director. Justice Tashi Rabstan after hearing Adv Abhinav Sharma appearing for the Bank, issued notices to the Members Special Tribunal, Inquiry officer, Registrar Cooperative Societies returnable within four weeks. Meanwhile, the court ordered that subject to filing of objections from other side, impugned judgment dated September 5, 2014 passed by Special Tribunal Jammu shall remain stayed to the extent of imposition of fine of Rs 10,000. (JNF) |
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