Valmiki J. Mehta, J.

1. Both these writ petitions are between the same parties and raise a common issue of validity of the voluntary retirement of the petitioner, and therefore, they are being disposed of by a common judgment.

2. These writ petitions are filed by the petitioner-Sh. Madan Mohan Rai impugning the order of the Disciplinary Authority dated 5.6.2003, by which the petitioner has been imposed the punishment of “removal from service which shall not be disqualification for future employment” and the suspension order dated 3.7.1996. It is agreed before me that on disposal of W.P.(C) No. 6546/2003 the other writ will also stand decided accordingly.

3. Since the charges against the petitioner are serious, and they are best understood in the language of the Article of Charges, I would seek to reproduce, though lengthy, the entire Article of Charges, which read as under:-

“Sri Madan Mohan Rai(SPF No.12085) Ex-Manager(Under order of suspension) United Bank of India Shahzadabag Branch

Delhi.

Dear Sir,

Re : 1. A/c M/s. Charms Metallisers (P) Ltd.,

2, Sri Raman Bhatia & Mrs. Kamal Bhatia,

3. Jagdish Dairy,

4. M/s. Modame Fashion with our Shahzadabad branch During tenure of your service as Manager of our Shahzadabag branch you had recommended/sanctioned/disbursed credit limits in captioned borrowal Accounts. In this connection, you are requested to explain the following issues:-

1. CHARGES METALISERS PVT.LIMITED.

(i) You obtained introduction in opening the C/D A/c. of M/s Charms from another C/D A/c. holder i.e. M/s. Avon Packing Industries (C/D A/c. No. 1370) who confirmed that they had no knowledge about M/s. Charms but they introduced the A/c. at your request. W hy you resorted to such way of obtaining introduction instead of having introduction from party’s existing banker.

(ii) No permission was obtained by you from Oriental Bank of Commerce, G.T. Karnal Road, Delhi for opening the C/D. A/c. of M/s Accurate Capacitor at your branch(A/c. was opened on 13.1.95) since M/s Accurate Capacitor was enjoying Cash Credit facility with that Bank since 1984 in violation of Bank’s guidelines.

(iii) You recommended the loan proposal of M/s. Charms without obtaining and/or examination of RIICO’s processing note.

(iv) You released the adhoc facility of Rs.30 lacs without obtaining matching contribution and personal guarantee of Sri P. Goyal, Director and before execution of interse agreement for creation of 2nd charge on the fixed assets of the company in favour of the Bank(first charge being with RIICO) in violation of terms of sanction of Regional Office.

(v) W hile recommending (along-with DRM, Advance) for sanction of regular limit of Rs. 98 lacs, you had mentioned in the processing note that “from the papers submitted and the assessment made by RIICO’s project appear to be economically viable”. You further referred in the said note about RIICO’s study report on marketability of the product. It is not clear without examining RIICO’s report how such observations could be made in the note.

(vi) Assessment of working capital was made considering raw materials and finished goods at a much higher rate than cost or market price prevailing at that time. As a result the party was allowed to have higher working capital limit than actually required.

(vii) You did not obtain personal guarantee of all the four directors in individual capacity as per terms of sanction for the overall limit of Rs.98 lacs. Instead personal guarantee of only one director i.e. Sri Manoj Kumar Agarwal had been taken by you. It is observed that remaining Directors executed guarantee in the capacity of director of the company.

(viii) Net worth of the Directors was prepared by you on the basis of individual assets & liabilities statement signed by the Managing Director of the company instead of concerned Directors.

(ix) Regular limit of Cash Credit of Rs.46 lacs was released on 23.2.95 while joint inspection by you with DRM (Credit) was conducted on 24.2.95 violating the