Lawstreet Journal

Notice Issued By Delhi High Court In Usha Ananthasubramanian Challenging Termination By Allahabad Bank

Lawstreet Journal 16 Nov 2021 6:11pm

Image courtesy: Lawstreet Journal Judiciary Notice Issued By Delhi High Court In Usha Ananthasubramanian Challenging Termination By Allahabad Bank

A notice has been issued by the Delhi High Court against the termination of Usha Ananthasubramanian (served 8 minutes prior to the end of her term) by Allahabad Bank without any particular reason. 

BACKGROUND

Former MD & CEO of Allahabad Bank Usha Ananthasubramanian has moved the Delhi High Court challenging her termination in 2018 on account of her alleged involvement in the PNB Scam. 

Ananthasubramanian had served as CEO and MD of Punjab National Bank between August 2015 and May 2017, before moving to Allahabad Bank.

CONTENTIONS OF THE PLAINTIFF 

Ananthasubramanian has alleged that she was served a termination notice 8 minutes before her term came to an end at Allahabad Bank, and that no proper reasons were furnished by the Bank while doing so.

Allahabad Bank dismissed her services in order to secure its interest after she was named in a Central Bureau of Investigation (CBI) chargesheet in relation to the ₹13,500-crore PNB scam.

REASON GIVEN BY THE BANK

It is her claim that she was served a show cause notice stating that she failed to exercise proper control over the functioning of Punjab National Bank (PNB) while serving as its MD & CEO, which enabled Nirav Modi's fraud at PNB’s Brady House branch in Mumbai to go undetected for several years.

2019 DELHI HIGH COURT ORDER 

In 2019, the Delhi High Court had stayed trial court proceedings against Ananthasubramanian in a case pertaining to an alleged violation of Section 46 of the Banking Regulation Act, 1949 in the backdrop of the… Continue Reading...


Tagged: Allahabad Bank  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
Featured Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com