1. District Consumer Forum issues warrant against Punjab National Bank MD

District Consumer Forum issues warrant against Punjab National Bank MD

The district consumer forum here has issued a warrant against the managing director of Punjab National Bank after he failed to appear before it in a case of wrongful deduction of Rs 2 lakh from an account, according to the petitioner's counsel.

By: | Sambhal (up) | Published: June 30, 2017 12:33 AM
Punjab National Bank, warrant against MD, Punjab National Bank MD, District Consumer Forum The Forum issued the bailable warrant against the PNB MD after he failed to appear before it yesterday.(Photo: Reuters)

The district consumer forum here has issued a warrant against the managing director of Punjab National Bank after he failed to appear before it in a case of wrongful deduction of Rs 2 lakh from an account, according to the petitioner’s counsel. Counsel Devendra Varshney said Navneet Yadav of Ginnaur had approached the forum complaining that he had deposited Rs 20,12,252 in the Ginnaur branch of the bank on February 15, 2007 under a multi-benefit scheme to meet the future needs of his daughter and its maturity value was Rs 37,51,934 on February 15, 2014. But the bank returned him Rs 33,09,927, which was Rs 4,42,007 less than the promised amount.

During the course of hearing, the bank informed the forum that Rs 2,26,855 was deducted from the account as income tax following which the chairman of the Sambhal consumer forum, Liyaqat Ali, asked the bank to return the balance amount with interest, compensation and cost of litigation in two months’ time. The bank, however, failed to honour the order. The forum issued the bailable warrant against the PNB MD after he failed to appear before it yesterday.

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