Judgment

SIKRI, C.J.I. :- The same point of law arises in both the writ petitions and it will suffice if facts in writ petition No. 164 of 1972 are set out. The petitioner, Ramanlal Bhogilal Shah, was the General Manager of United Commercial Bank Ltd. till January 17, 1968, when he became the Chairman and wholetime Director of the said bank. Upon nationalisation of the bank, the petitioner was appointed Custodian thereof and he continued as Custodian till September 1, 1971.

2. On June 4, 1966 the United Commercial Bank had booked a forward exchange contract for Hindustan Motors for £ 9,32,617 at the rate of ls. 5 29/32d per rupee. On June 6, 1966, the rupee was devalued. On May 24, 1971 the petitioner was served with summons under S. 19-F of the Foreign Exchange Regulation Act, 1947 - hereinafter referred to as the Exchange Act - to give evidence in the enquiry which Shri D. K. Guha, Deputy Director, Enforcement Directorate, was making into certain offences under the Exchange Act. The petitioner was examined on June 3, 1971, June 16, 1971 and June 17, 1971.

3. According to the petitioner, the entire examination on the said dates related to the booking by the United Commercial Bank of