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ShareMumbai: The 13-year long wait by RM Ratnakar, a former employee of UCO Bank, may have finally paid off. Although his services were terminated by the bank way back in 1996, the Bombay High Court held that the bank's decision to sack him was erroneous. By the time the court's verdict was pronounced last week, Ratnakar had already crossed his retirement age in 2008 and could not be reinstated by the bank. In stead, Rantnakar can now claim 30 percent of the wage he used to receive before he was sacked for the entire 13-year period.
Ratnakar, along with his superior MN Barve, was accused of violating bank regulations for allegedly issuing an SGL form in favour of the State Bank of India (SBI) for Rs50 crore without ensuring receipt of funds from SBI for the securities delivered to them. The management of the bank had held that Barve, the manager of the bank's branch at Hamam Street on DN Road, and Ratnakar, the assistant manager, had "failed to ensure and protect the interest of the bank and acted in a manner unbecoming of an officer."
After going through a departmental enquiry, the management terminated Ratnakar's services while Barve was let off with a demotion. In his plea before the High Court, Ratnakar had contended that he and Barve had jointly signed the transaction form in April 1992 and the charges pressed against them where identical. Therefore, he had stated, that he too should have been demoted and not sacked.
Justice PB Majmudar and RM Savant observed that there was no difference in the nature of the offence committed by Ratnakar and Barve, except that Barve was junior in rank. "On identical set of facts when two persons have been charged and if there are no other circumstances exist, the disciplinary authority is not required to act in a different manner and on the basis of equity and fair play, no discrimination is required to be shown in the matter of awarding of punishment," the judges said.
