*** An Accountant of a private company embezzled funds by stealing cheques and deposited the amount in his bank account from where he got issued Fixed Deposit Receipt of Rs.1,000,000/- in his name. Later the company owner registered FIR against his said absconding employee. The FIA investigated the matter and Court (Offenses in Banks)issued order to release funds of fixed deposit receipt along with Interest in favour of complainant / company owner. The Court didn't send such order to the bank directly rather the complainant provided copy of this order to the bank. The Bank has not complied the order because it was not sent by the Court directly rather a copy of the same was provided by the company owner/complainant. Now it is heard from reliable sources that Court is issuing CONTEMPT OF COURT ORDER to the bank.Please advise what the bank should do in the stated scenario and further advise whether it is legitimate on the part of court to issue Contempt of Court to the Bank.
1 Answer from Attorneys
If the original or certified copy of any court order was placed before bank with certain directions whether directly by court or by any person, the bank was under obligation to comply with that order. So if it did not comply with that order, court has power to start contempt proceedings against the one, bank, to whom direction was given.
Bank should tender apology before court and comply with the orders.
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