The ruling came a day before the annual general meeting of the bank slated to be held at Udaipur in Rajasthan. Judge JC Verma of the high court said: "...it shall be necessary to issue a writ to the CBI through the director CBI, Jaipur, to hold a thorough enquiry ....right from the time when the Bangur group had started purchasing shares in the bank and then controlled the bank as the managing director/directors and by nominee directors and as to how and where and in what manner the amount of the bank was siphoned to the sister concerns of the Bangur group and as to how much amount is still due and how much returned or returnable for the purpose of criminal and civil consequences".

The ruling is likely to seal the fate of the Bangurs who were all set to create a fresh bid to take control over the bank by seeking removal of the PK Tayal-nominated directors and appointing its own nominees.

The RBI had earlier restrained the AGM from appointing any new directors under Section 35 (A) of the Banking Regulation Act. The ruling will prove to be a relief to BoR chairman PK Tayal who has already pumped in Rs 20 crore to revive the bank.