Nengroo violated norms
Excelsior Correspondent
SRINAGAR, Sept 21: The High Court has dismissed the plea of an Insurance Company for quashing FIR registered by the Anti-Corruption Bureau (ACB) for having insurance deal with the Jammu and Kashmir Bank in violation of the norms in league and in connivance with by the then Chairman of the bank Parvez Ahmad Nengroo.
A verification was conducted by Anti-Corruption Bureau to look into the allegations that an insurance deal in violation of norms has been made by J&K Bank with one company namely IFFCO TOKIO, in which close relative of former chairman of J&K Bank Parvez Ahmad Nengroo was employed, resulting into undue benefits to the company.
Consequently, a verification was conducted into the matter and it came to the fore that J&K Bank had already entered into venture with PNB Met Life India Insurance Company limited for sale of its life insurance products in 2000, followed by similar nature of venture with Bajaj Allianz General Insurance Company limited for sale and distribution of its non-life insurance products including health products in the year 2002.
However, another agreement, between J&K Bank limited and IFFCO TOKIO General Insurance Company limited was executed on 12.02.2019 to facilitate the appointment of one Asif Manzoor Beigh S/o Gulfan Beigh R/o Maqbool Manzil Baba Dam Naid Kadal, who is son in-Law of the sister of former Chairman J&K Bank Limited Parvez Ahmad.
This fact has further been strengthened and established during the verification, wherein it was found that Asif Manzoor Beigh, prior to the execution of agreement between J&K Bank Limited and IFFCO TOKIO General Insurance Company Limited was working as Dy. Manager in Bajaj Allianz General Insurance Company Limited on the annual salary package of Rs. 8.75 Lakhs only. He in order to obtain undue favour and pecuniary advantage under a pre-planned conspiracy hatched with chairman J&K Bank Limited and others, resigned from Bajaj Allianz General Insurance Company Limited on 13.02.2019, a day after the execution of said insurance deal and on that very day, he was appointed in the IFFCO TOKIO General Insurance Company Limited.
“Thereafter, he joined at IFFCO TOKIO General Insurance Company Limited on annual salary package of Rs. 9,28,886 as a Chief Manager on 13.03.2019 and this clearly established the connivance of then Chairman J&K Bank Limited Parvez Ahmed and others with IFFCO TOKIO General Insurance Company Limited and relative beneficiary Asif Manzoor Beigh of then Chairman J&K Bank Limited to grant insurance business in favour of IFFCO TOKIO company in lieu of providing of job of Chief Manager to the said relative beneficiary at the cost of resources of J&K Bank and resultantly Bajaj Allinaz Company was closed from Srinagar and Anantnag business unit”, reveals the FIR of ACB
During verification by the ACB, it surfaced that though an eyewash process regarding selection of insurance company was initiated, but the then Chairman J&K Bank Limited has favoured the bidding insurance company IFFCO TOKIO by managing award for higher points in its favour in presentation part so that his close relative Asif Manzoor Beigh and others could be appointed in the said insurance company at his behest.
Verification has also revealed that due to said insurance deal, the said beneficiary company has been conferred business of insurance in Srinagar and Anantnag at the cost of J&K Bank resources and that of Bajaj Allianz Company Limited, which was already in arrangement with J& Bank since 2002.
Verification has further revealed that in the first quarter of Financial year 2018-2019, i.e., April to June, J&K Bank received commission from Bajaj Allianz as Rs. 159 lakh, whereas commission received from IFFCO TOKIO for the first quarter of current financial year (2019-20) was Rs. 88 lakh which is less by Rs. 71 lakhs thereby a loss in the form of commission to J&K Bank Limited has been caused.
The ACB counsel informed the court that by resorting to the acts of favouritism and nepotism in the course of his official duty of chairman of J&K Bank Limited, Parvez Ahmed has in connivance with Warender Sinha MD IFFCO TOKIO General Insurance Company Limited his relative beneficiary Asif Manzoor Beigh and other has abused his official position and has dishonestly conferred undue pecuniary advantage upon IFFCO TOKIO in lieu of job to Asif Manzoor Beigh and others, at the cost of J&K Bank Limited, resources.
“The acts of omissions and commissions on the part of Parvez Ahmed, then Chairman J&K Bank Limited in furtherance of conspiracy hatched with Warender Sinha, Managing Director IFFCO TOKIO General Insurance Company Limited while executing an insurance deal with the said company in order to secure appointment his close relative Asif Manzoor Beigh in the said company and other at the cost of J&K Bank resources constitute criminal misconduct under J&K PC Act-2006 and, thus, disclose commission of offences punishable u/s 5(1) (d) read with 5(2) J&K P.C Act and Section 120-B RPC. Consequently, a case FIR no. 14/2019 is registered in P/S ACB (CK), Srinagar, against Parvez Ahmed, then Chairman J&K Bank Limited”, ACB counsel submitted while referring to the FIR.
Justice Vinod Chatterji Koul while dismissing the petition of IFFCO TOKIO observing that the same is liable to be dismissed as it is without any merit saying, when looked from all angles, it requires and demands meticulous analyzation of facts by the Court as if it is in appeal and acting as an appellate court and to draw its own conclusion vis-à-vis impugned FIR, and proceedings initiated thereon.
“This is not the aim and objective of provisions of Section 482 CrPC more particularly when petition on hand does not unveil any ground much less cogent or material one, to portray that inherent powers are to be exercised to prevent abuse of process of law and to secure ends of justice. In that view of matter, the petition on hand is liable to be dismissed”, Justice Koul concluded.
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