later became the Chairman and Managing. Director of the eGTB. In its quest for performance the eGTB not only lent money in a manner at times prejudicial to the bank's interests, but also indulged in manipulation or window-dressing of financial statements, ever greening of loar-r accounts and presented a picture of the bank which infact was not true and lair. As the crisis of banking operatious canre to ahead, the petitioner was removed. Consequent to mounting troubles the bank was placed under moratorium by the Reserve Bank of India on 24.07.2004 up to 23.10.2004 and subsequently, amalgamated with the Oriental Bank of Commerce (OBC) in August, 2004. Post merger, the OBC came across serious irregularities in the prior working of eGTB management and raised with RBI, Ministry of Finance, SEBI, ED, CBI and SFIO. The allegations related to conflicts of interest on the part of promoters, concealment of material facts of such interests from the Board, irregularities in matters of leasing of property for the use of eGTB, irregularities for the disposal of loans and existence of suspicious transactions related to the pronroters arrd their relatives. On the basis o1'these conrplaints, the MCA ordered the ROC, Hyderabad to calry out the technical scrutiny under Section 234 (6) of the Act, upon whose recommendation thereafter, the matter was refemed to SFIO on 28.05.2010 for rnvestlgatlon.
