PUSHAP KUMAR TICKOO Vs. UT OF J&K

JUDGEMENT

(1.) The petitioners have challenged FIR No.14/2019 for offences under Sec. 5(1)(d) read with 5(2) of J&K Prevention of Corruption Act and Sec. 120-B RPC registered with Police Station, Anti-corruption Bureau (CK), Srinagar.

(2.) As per the impugned FIR, on the basis of a source report, verification was conducted by Anti-corruption Bureau to look into the allegations that the Jammu and Kashmir Bank had made an insurance deal with M/S IFFCO TOKIO General Insurance Company Ltd. in violation of norms and in consequence whereof, a close relative of former Chairman of the J&K Bank has been employed in M/S IFFCO TOKIO General Insurance Company Ltd. It was alleged that the J&K Bank Ltd. had entered into an agreement with M/S IFFCO TOKIO General Insurance Company Ltd on 12/2/2019 to facilitate appointment of one Asif Manzoor Beigh, son-in-law of sister of former Chairman of the J&K Bank, Shri Parvez Ahmad.

(3.) Upon verification, it was found that prior to execution of agreement between the J&K Bank Ltd. and M/S IFFCO TOKIO General Insurance Company Ltd, Shri Asif Manzoor Beigh was working as Deputy Manager in Bajaj Allianz General Insurance Company Ltd on an annual salary package of Rs.8.75 lakhs only. It was found that Shri Beigh, in order to obtain undue favour and pecuniary advantage under a pre-planned conspiracy hatched with the then Chairman of the J&K Bank Ltd., resigned from Bajaj Allianz General Insurance Company Ltd. on 13/3/2019, a day after the execution of agreement between the two companies, whereafter he was appointed in IFFCO Tokio General Insurance Company Ltd. on an annual salary package of Rs.19,28,886.00 which is two and a half times higher than his previous package. This, according to the impugned FIR, establishes connivance of Shri Parvez Ahmad, the then Chairman of the J&K Bank Ltd. and others with IFFCO Tokio General Insurance Company Ltd., as a result of which beneficiary Asif Manzoor Beigh came to be appointed in IFFCO Tokio General Insurance Company Ltd. in lieu of the agreement executed between the two companies. It was also found that the deal between the Insurance Company and the Bank was approved by the Board of Directors post-facto.