Ex-Central Bank Chairman was discharged in case of credit misuse of amounting to Rs. 436.74 crores

Central Bureau of Investigation Vs Srinivas D. Sridhar (Supreme Court of India) Conclusion: Mere suspicion of speedy loan sanction alone was insufficient proof of credit facility misuse and no material was placed on record to show that any of the accused other than bank officials ever met the respondent before the sanction of the proposal by the Management Committee, therefore, Court ordered the discharge of the Ex-Chairman of the Central Bank. Held: In the instant case, the main allegations were wrongful sanction of loans to Electrotherm (India) Ltd. by the Central Bank of India, resulting in...