JUDGMENT

1) The petitioners have challenged FIR No.14/2019 for offences under Section 5(1)(d) read with 5(2) of J&K Prevention of Corruption Act and Section 120-B RPC registered with Police Station, Anti-corruption Bureau (CK), Srinagar.

2) As per the impugned FIR, on the basis of a source report, verification was conducted by Anti-corruption Bureau to look into the allegations that the Jammu and Kashmir Bank had made an insurance deal with M/S IFFCO TOKIO General Insurance Company Ltd. in violation of norms and in consequence whereof, a close relative of former Chairman of the J&K Bank has been employed in M/S IFFCO TOKIO General Insurance Company Ltd. It was alleged that the J&K Bank Ltd. had entered into an agreement with M/S IFFCO TOKIO General Insurance Company Ltd on 12.02.2019 to facilitate appointment of one Asif Manzoor Beigh, son-in-law of sister of former Chairman of the J&K Bank, Shri Parvez Ahmad.

3) Upon verification, it was found that prior to execution of agreement between the J&K Bank Ltd. and M/S IFFCO TOKIO General Insurance Company Ltd, Shri Asif Manzoor Beigh was working as Deputy Manager in Bajaj Allianz General Insurance Company Ltd on an annual salary package of Rs.8.75 lakhs only. It was found that Shri Beigh, in order to obtain undue favour and pecuniary advantage under a pre-planned conspiracy hatched with the then Chairman of the J&K Bank Ltd., resigned from Bajaj Allianz General Insurance Company Ltd. on 13.03.2019, a day after the execution of agreement between the two companies, whereafter he was appointed in IFFCO Tokio General Insurance Company Ltd. on an annual salary package of Rs.19,28,886/ which is two and a half times higher than his previous package. This, according to the impugned FIR, establishes connivance of Shri Parvez Ahmad, the then Chairman of the J&K Bank Ltd. and others with IFFCO Tokio General Insurance Company Ltd., as a result of which beneficiary Asif Manzoor Beigh came to be appointed in IFFCO Tokio General Insurance Company Ltd. in lieu of the agreement executed between the two companies. It was also found that the deal between the Insurance Company and the Bank was approved by the Board of Directors post-facto.

4) It is further alleged in the impugned FIR that selection of M/S IFFCO TOKIO General Insurance Company Ltd was made by awarding higher points to the said Insurance Company Ltd. in Power Point Presentation with a view to adjust Asif Manzoor Beigh, a close relative of Shri Parvez Ahmad Nengroo, the then Chairman of the J&K Bank Ltd. The verification also revealed that the J&K Bank had already an arrangement with Bajaj Allianz General Insurance Company Ltd. since the year 2002 and after the Bank entered into agreement with IFFCO Tokio General Insurance Company Ltd., the commission earned by the J&K Bank for the first quarter of 2019-20 was less by Rs.71.00 lakhs thereby causing loss to the J&K Bank Ltd. by way of commission. It is alleged that the then Chairman of the J&K Bank, Parvez Ahmad Nengroo, connived with Warender Sinha, MD IFFCO Tokio General Insurance Company Ltd. with a view to confer undue benefit upon his relative Asif Manzoor Beigh thereby abusing his official position and causing loss to the resources of the J&K Bank Ltd.

5) On the basis of aforesaid findings arrived at during verification, offences under Section 5(1)(d) read with 5(2) of the J&K Prevention of Corruption Act and Section 120-B RPC were found disclosed against Parvez Ahmad Nengroo, the then Chairman of the J&K Bank Ltd, Warender Sinha, Managing Director, IFFCO Tokio General Insurance Company Ltd., beneficiary Asif Manzoor Beigh and others. After registration of the FIR, investigation of the case was undertaken by the respondent Investigating Agency.

6) Petitioner No.1 was the Executive President HRD, CPO of the J&K Bank Ltd. during the period 2018-2019, petitioner No.2 was the Executive President of the J&K Bank Ltd. during the period 2018 to May, 2019, petitioner