A Supreme court bench comprising of Justice Adarsh K Goel and U U Lalit has ordered the UCO bank to pay Rs. 50 lakh to a publishing firm for negligently clearing two cheques bearing ‘forged signatures’.
In March 2009, the frim- Tax publishers suffered a loss of Rs. 31 lakhs, when one of its employees stole two cheques, forged the signatures on those cheques and subsequently withdrew money from the UCO bank.
The Supreme court held that although it was the firm’s responsibility to keep the cheques in safe custody this does not mean that a public sector bank can wriggle out of its liability. The court has passed the order based on the reports of the departmental inquiry and handwriting expert, which proved that the fraud took place due to the negligence of the bank officials.
The matter was earlier brought before the National Consumer Commission that passed the order in favor of the firm and further referred the matter to the State Consumer Forum for determining the quantum of compensation payable to the firm. Aggrieved by the decision of the National Consumer Forum, the UCO bank made an appeal to the Supreme court.
The apex court, while keeping into consideration the irresponsibility on the part of the firm in keeping the cheques safely, ordered that the bank is not liable to pay the entire amount of Rs. 1.5 crore as claimed by the firm. But, in order to give a quietus to the dispute that has been under trial for more than 9 years now, the court decided that a settlement should arrive at the end of this legal battle.
The Court further ordered that the claim of the respondent (publisher) shall be satisfied by paying a total amount of Rs 50 lakh by the petitioners (Bank) to the credit account of the respondent within one month from passing the order. The bench, at the same time, clarified that the Bank shall be entitled to take any recourse available under the law to recover the amount from the person who wrongfully withdrew the amount.
In March 2009, the frim- Tax publishers suffered a loss of Rs. 31 lakhs, when one of its employees stole two cheques, forged the signatures on those cheques and subsequently withdrew money from the UCO bank. The Supreme court held that although it was the firm’s responsibility to keep the cheques in safe custody this does not mean that a public sector bank can wriggle out of its liability. The court has passed the order based on the reports of the departmental inquiry and handwriting expert, which proved that the fraud took place due to the negligence of the bank officials.
The matter was earlier brought before the National Consumer Commission that passed the order in favor of the firm and further referred the matter to the State Consumer Forum for determining the quantum of compensation payable to the firm. Aggrieved by the decision of the National Consumer Forum, the UCO bank made an appeal to the Supreme court.
The apex court, while keeping into consideration the irresponsibility on the part of the firm in keeping the cheques safely, ordered that the bank is not liable to pay the entire amount of Rs. 1.5 crore as claimed by the firm. But, in order to give a quietus to the dispute that has been under trial for more than 9 years now, the court decided that a settlement should arrive at the end of this legal battle.
The Court further ordered that the claim of the respondent (publisher) shall be satisfied by paying a total amount of Rs 50 lakh by the petitioners (Bank) to the credit account of the respondent within one month from passing the order. The bench, at the same time, clarified that the Bank shall be entitled to take any recourse available under the law to recover the amount from the person who wrongfully withdrew the amount.
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