Summary: A case involving former managers of Rupee Cooperative Bank was sent back for a new investigation. The court found that the previous investigation didn't have enough detail and didn't properly look at the evidence.
The Rupee Cooperative Bank Limited had its Board of Directors replaced in 2002 because of money problems. An investigation was ordered based on a report by the Reserve Bank of India. This led to several former managers being blamed for financial losses.
Initial Inquiry: In 2002, a person was appointed to figure out the bank's losses. A notice was sent in 2003, but not everyone got it.
Appeals and Reissuance: The initial list of charges was dismissed in 2004, and a new list with specific charges was required. A new person continued the investigation in 2007, sending out new notices.
Final Report: In 2016, the final report blamed the employees for the bank's losses. The employees appealed, but their appeals were rejected in 2021.
Lack of Specific Findings: The court noted that the report was unclear and didn't specify which actions by the managers caused the losses.
Failure to Follow Procedure: The investigation didn't follow the necessary steps that require clear charges and a fair hearing.
"The findings are written in general terms and treat all persons alike, without distinguishing between the decision-making powers of the Managing Committee and the limited administrative roles of the officers."
Remand for Fresh Inquiry: The court canceled the previous decisions and sent the case back for a new investigation, emphasizing the need for a detailed and fair process.
Timelines: The new investigation is to be completed within six months, following all required steps.
The court decided that the case should be looked at again to make sure that each person's role is properly evaluated and that the investigation is fair and detailed.
