Top Stories
Telangana HC raps UCO Bank for selective targeting | Hyderabad News
HYDERABAD: Deprecating the selective approach of UCO Bank in issuing look out circulars (LOC) against defaulters, and condemning the way the bank authorities had blocked the movement of a couple by issuing an LOC against them, the Telangana high court has slapped 50,000 each in the two appeals preferred by the bank against the relief granted to the couple.
The case pertains to one Maganti Venkata Ramana Rao, who along with a few others took two loans of 75 lakh each from UCO Bank. Following default, the bank had initiated proceedings under the Sarfaesi Act on one hand, and received money under one-time settlement on the other hand.
But at the same time, in utter disregard to the fact that they paid more than 3 crore, the bank authorities got LOC issued against Maganti Ramana Rao and his wife Usha Rani, preventing them from flying to the US to see their grandchildren.
The bank officials claimed that they had done it only to protect the interest of the bank. The bench said that it “is selective targeting” and slapped 1 lakh costs on the bank officials.
The case pertains to one Maganti Venkata Ramana Rao, who along with a few others took two loans of 75 lakh each from UCO Bank. Following default, the bank had initiated proceedings under the Sarfaesi Act on one hand, and received money under one-time settlement on the other hand.
But at the same time, in utter disregard to the fact that they paid more than 3 crore, the bank authorities got LOC issued against Maganti Ramana Rao and his wife Usha Rani, preventing them from flying to the US to see their grandchildren.
The bank officials claimed that they had done it only to protect the interest of the bank. The bench said that it “is selective targeting” and slapped 1 lakh costs on the bank officials.
Source link
