‘Provide records to VOK in loan related inquiries’
Court directs JK Bank
D A RASHID
Srinagar, May 4: The Anti-Corruption Court Kashmir has held it mandatory for Jammu and Kashmir Bank to provide records to the Vigilance Organization Kashmir (VOK) regarding inquiries into the loan cases.
In a 21- page judgment, the Special Judge Anti-corruption Court Kashmir, Ajaz Ahmad ruled that the Court can issue summons to the Bank under section 94 of CrPC for providing records to the VOK.
The Court pronounced the decision on an application filed by the JK Bank before it seeking recall of an order wherein summon was issued to the bank for furnishing records pertaining to a loan case.
Rejecting the application, the Court directed the JK Bank to comply with the orders by providing the records to the investigation agency.
The Bank had a plea that it being a commercial body deals with advancement of loans is discharging duties in the realm of private law as the matter is contract between the customer and the Bank.
“The investigating agency has no jurisdiction to ask for the documents relating to the private transaction between the Bank and the loanee”, counsel for the Bank argued.
The prosecution on the other hand pleaded that the Bank cannot conceal information about the alleged frauds committed by some of its officers while sanctioning loans.
There are number of inquiry cases pending against the JK Bank as the institution has not been providing records to the VOK in these cases, sources told Greater Kashmir.
They said the VOK could not conduct an inquiry into a compliant of Rs 116 crores sanctioned to some firms across the country in violation of rules and norms of the Reserve Bank of India.
Lastupdate on : Fri, 4 May 2012 21:30:00 Makkah time
Lastupdate on : Fri, 4 May 2012 18:30:00 GMT
Lastupdate on : Sat, 5 May 2012 00:00:00 IST
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