1. The writ petitioner is filing this writ petition challenging the order of the 1st respondent viz., the Deputy General Manager, Disciplinary Authority, Indian Overseas Bank, dated 18.09.1995, enforcing penalty of reduction in basic pay by 5 stages with cumulative effect as confirmed by the order of the 2nd respondent herein/the General Manager, Appellate Authority attached with Indian Overseas Bank, dated 24.02.1997.

2. The petitioner submits that he is a Post Graduate in Economics and also a holder of C.A.H.B. He was appointed as a Clerk in the respondent (I.O.B) Bank on 05.01.1997 and was posted to Keelakaranai Branch of Indian Overseas Bank. He was promoted as Officer Grade-I, in the Junior Manager Grade-I on 01.08.1981 and was posted to Regional Office of Indian Overseas Bank at Ahmedabad, Gujarat State. Thereafter, he was promoted as Deputy Manager and was posted in the same place, he was officiating in the post of Manager, in the same branch on and from 23.04.1987. Thereafter he was promoted as Manager and was posted to Vembakottai branch and he joined duty on 07.03.1988. The petitioner initially collected huge deposits in the said branch which stood at Rs.15,00,000