A fiduciary must not convert their position for personal gain, and insurance benefits cannot be attached in light of the applicable exemption laws.

JUDGMENT :

Krishna Rao, J.

1. The issue in the present application whether the order of ad-interim injunction passed by this Court dated 12th September, 2024, is liable to be made absolute or to be vacated. Whether the petitioner has obtained ad-interim order of injunction by suppressing of material facts and whether the proceeds of an insurance policy of the husband of the respondent no.1 and father of the respondent no.2, the respondent no.1 and the respondent no. 2 can be attached.

2. The petitioner carries on business in partnership with one Vishal Kapur in the name and style of “Hitech Air Systems” for sale, installation, servicing and allied activities in relation to air conditioners and providing air conditioning services.

3. The husband of the respondent no.1, namely, Kirti Loonia was the employee of the petitioner since the year 2009 as an Accounts Manager who died on 12th June, 2024, leaving behind his wife, the respondent no.1 and his minor daughter, the respondent no.2. Since the year 2009, the deceased Kirti Loonia used to discharge diverse duties including handling bank accounts and other finances for and on behalf of the petitioner.

4. Mr. S.N. Mookherjee, Learned Senior Advocate representing the petitioner submits that in course of employment, the deceased earned the confidence and trust of the petitioner to the extent that the petitioner has relied upon the deceased for looking after personal finances of the petitioner. He used to prepare and finalize the personal accounts of the petitioner and submission of the income tax returns of the petitioner. The confidence and trust upon the deceased was to such an extent that the petitioner authorized the deceased to have access to the personal bank accounts of the petitioner and to operate the same.

5. In the month of June, 2000, the petitioner opened a savings bank account with the ICICI Bank and at the material point of time, the deceased had already an account with the said bank. The mobile number and email of the deceased were registered in respect of the said account. The deceased was also authorized by the petitioner to operate the said bank account. The petitioner has also a savings bank account in the Standard Chartered Bank as well as with the Kotak Mahindra Bank and in view of the confidence and trust upon the deceased, the petitioner allowed the deceased to operate the said bank accounts and the deceased was privy to the password and other confidential information required to the said accounts.

6. After the death of the deceased on 12th June, 2024, the petitioner downloaded the details of the account maintained with the ICICI Bank and on scrutiny the petitioner finds that diverse unauthorized transactions which had been remain undetected. On detailed enquiry, it was found that since the financial year 2020-2021 till his death an aggregate amount of Rs. 8,95,50,000/- had been unauthorizedly debited from the account of the petitioner and credited to the personal account of the deceased being Account No. 627901506433, maintained with the respondent no.4. The petitioner further came to know that an amount of Rs. 5,00,000/- has been unauthorizedly debited from the Kotak Mahindra Bank account of the petitioner to the personal account of the wife of the deceased being Account No. 4811737179.

7. The deceased by unauthorisedly operating the bank accounts of the petit