HC stays trial court proceedings against top PNB officials for violation of banking norms

The Delhi High Court has stayed the trial court proceedings against PNB's 11 top officials, including the former and current executive officers as also the present managing director, facing allegations of criminal conspiracy and violation of banking regulations.

Justice R K Gauba sought response of the Reserve Bank of India (RBI), the complainant in the case, on PNB's plea challenging the trial court's summoning order.

"Be listed on July 17. Meanwhile, the proceedings before the trial court shall remain stayed," the high court said in its recent order.

The high court also said: "The counsel for the second respondent (complainant) on being asked was unable to give any explanation as to why a general reference has been made in the complaint leading to similar general mention in the summoning order to Section 46 of Banking Regulation Act, 1949, without the specific penal clause being indicated."