ORDER :

Hemant Chandangoudar, J.

The challenge in this writ petition is to the order dated 23.09.2014 passed by the Reviewing Authority / Chairman and Managing Director, Union Bank – the first respondent. By the said order, the major penalty of compulsory retirement from the services of the Bank, imposed on the petitioner by the Disciplinary Authority in terms of the order dated 10.03.2014 and upheld by the Appellate Authority in terms of the order dated 28.05.2014, was modified to the penalty of reduction in grade, i.e., from SMGS-IV to MMGS-III, fixing his basic pay at Rs.31,500/- as applicable to MMGS-III.

2. The petitioner, while serving as Chief Manager, was served with a show cause notice dated 30.10.2012 alleging the following:

i. Cash credit entries had taken place in his Joint SB Account with his wife, which were beyond his known sources of income.

ii. Transactions had taken place in the account of Shri D. Bala Ganesh (Staff), and the said transactions related to the sale of shares.

iii. Amounts had been paid, either by credit to the SB Account or by way of cash, to Shyamsunder, a customer of the Bank, from the SB Account of the petitioner (joint account with his wife).

iv. Amoun