The Lucknow bench of Allahabad High Court has asked the Secretary, Department of Financial Services, Finance Ministry and the Chairman of Punjab National Bank to present within 4 weeks their reply about allegations of impropriety by ex PNB Chairman K R Kamath and others while assisting PNB Metlife India Insurance Company Limited.
The bench consisting of Justice Imtiyaz Murtaza and Justice Rituraj Awasthi also directed to issue notice to PNB Metlife to explain the facts before the Court.
As per petitioner M L Sharma’s counsel, Dr Nutan Thakur as PNB Chairman Mr Kamath initiated the joint venture PNB Metlife whose almost entire day-to-day activity is conducted by PNB but PNB Metlife officially provides a minimal commission of 7-8% to PNB.
On the contrary, PNB Metlife provides large amount of unaccounted illegal gifts like valuables, foreign trips to PNB officers for their services to PNB Metlife.
Dr Thakur said that the PIL prayed for immediately stopping this illegal gift-making to PNB officers and to take appropriate action against Mr Kamath.