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Tuesday, May 24, 2005

RBI in Contempt of High Court again

Contempt notice to RBI governor over non-payment on bond

Jaipur, May 24. (PTI): The Rajasthan High Court has issued contempt notices to RBI Governor Y V Reddy and three SBI officials for failing to comply with a court order.

Hearing a contempt petition filed by Mahendra Singh Rathore, a member of Bikaner royal family, Justice K S Rathore issued the contempt notices to Reserve Bank of India Governor Dr Y V Reddy, State Bank of India's Jaipur regional manager K N Tripathi and two other bank officials for not complying with earlier court order which had directed for payment on a seven-decade-old security bond.

As per the petition, Rathore's grandmother had deposited a sum of Rs 28,300 as security bond in the then Imperial Bank of India which later became State Bank of India.

The SBI branch in Ajmer refused to make the payment on the bond stating the matter was very old, so Rathore moved the court.

The High Court last year had decided the dispute in favour of Rathore and directed the bank to make the payment within two months.

Rathore moved the contempt petition after the bank failed to comply with the court's directive.


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