Point of Law-In civil suit when an application is filed under Order I Rule 10 of Civil Procedure Code for joining State Bank of India as necessary party a clear assertion is made with regard to this creation of FDRs which is reflecting on page 119 as well as page 120 of petition compilation - Hence there is a clear assertion interwoven in said proceedings hence to allow relief at this juncture simply because on basis of one letter written by successive Branch Manager at a subsequent point of time would be nothing to ignore aforesaid pending controversy -

ORDER :

1 - By way of this petition under Article 226 of Constitution of India petitioner company has prayed for following reliefs :-

“A - Direct Respondent Bank to forthwith release funds lying in FDRs at ANNEXURE A in favor of Petitioner by issuing Pay Order/Demand Draft in name of Petitioner or by crediting bank account of Petitioner maintained with any other Commercial/Scheduled Bank by way of banking channel recognized by Reserve Bank of India;

B - Pending admission hearing and final disposal of present petition Hon’ble Court be pleased to direct Respondent Bank not to transfer/alienate monies lying in impugned FDRs i - e - principal amount and interest to anyone without leave of Hon’ble Court;

C - Further be pleased to direct Respondent Bank to pay to Petitioner an interest at rate of 12% per annum as a compensation of financial loss from date of creation of respective FDRs i - e - from 26 - 12 - 2016 and 29 - 12 - 2016 till its realization;

D - Any other and further relief deemed just and proper that Hon’ble Court deems fit to be granted in interest of justice;

E - To provide cost for petition - ”

2 - case of petitioner is that petitioner company is rendering consultancy services with respect to interior designing for commercial as well as residential establishments and their services are not limited to interior designing only but stretches to landscape designing garden planning and other architectural services also - In furtherance of this petitioner company had chosen respondent Bank as its banker and maintained current account with it right from year 2007 - In order to gauge its additional financial requirements petitioner company had chosen to seek an overdraft facility by opening overdraft account No - 32660431267 with respondent Bank - All necessary formalities had been complied with as per guidelines of Reserve Bank of India including K - Y - C - (Know Your Customer) -

2 - 1 It is further case of petitioner that it had adopted practice to request respondent Bank to create Fixed Deposit Receipts that in turn would be utilized to secure bank guarantee and for carrying out such process petitioner company passed a board resolution empowering directors/employees of company to ply such deposits - For dealing in aforesaid FDRs company had given an authority in two of directors and one employee known as Mr - Bhupendra Mafatlal Panchal vide its resolution dated 08 - 02 - 2013 and as per policy of petitioner company fresh board resolution for funds to be parked in FDRs was also passed - petitioner has further asserted that said Bhupendra Panchal an employee of company was looking after clerical and other miscellaneous work of company right from year 2012 and he according to petitioner executed a deed with petitioner in year 2009 by which his share in profit was determined in projects in which he will be devoting his contribution but for that partnership arrangement was not registered before Registrar of Firms - Somewhere in year 2015 said Mr - Panchal started lodging false and unjustified claim with petitioner company which created a loss of confidence and then fraudulent tactics of defalcation of funds in company including passing of forged board resolution of company - In process Mr - Panchal in order to gain access to overdraft account No - 32660431267 unauthorizedly added his name and signature in mandate on 26 - 10 - 2016 with aid and assistance of Branch Manager of respondent Bank and surreptitiously during demonetization period which commenced from 08 - 11 - 2016 to 31 - 12 - 2016 without knowledge of directors of petitioner company deceptively used blank cheque of overdraft account and created two FDRs whereof one of Rs - 65 Lacs on 26 - 12 - 2016 and another of Rs - 51 Lacs on 29 - 12 - 2016 in joint name of company and Bhupendra Mafatlal Panchal for which no board resolution was passed - No sooner this misa