ORDER:

Present writ petition challenges the orders of dismissal passed by 2^nd respondent by proceedings CDR/F.206/6/3606/ 3618, dated 24.05.2002, as affirmed by appellate authority – 1^st respondent by proceedings Rc.No.34996/2002-Z.I.2A, dated 15.10.2003, to be illegal and consequently to set aside the same and allow all consequential benefits.

2. Brief facts of the case are set out as under:

(a) Petitioner served as General Manager (on Full Additional Charge basis) with A.P. State Co-operative Bank Limited (herein after, for short ‘APCOB’) at Visakhapatnam Branch. He was served with charge Memo dated 14.08.2000 setting out four articles of charge. The allegations levelled against him were that in the capacity of G.M. (FAC), he stated to have invested huge sum of Four Crores from out of the bank funds in private bank namely Sikkim Bank at Hyderabad vide four different FDRs dated 05.11.1998, 16.11.1998, 19.11.1998 and 07.12.1998 in violation of prescribed norms and out of such investments, one of the fixed deposit failed realization despite maturing on 18.03.1999, resulting in huge financial loss to the bank.

(b) The allegation was that on account of petitioner’s negligence and not acti