1 MSS IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY APPELLATE SIDE APPELLATE SIDE APPELLATE SIDE WRIT PETITION NO. 66 OF 2009 ULHAS N. DEOSTHALE .. PETITIONER Vs. UNION OF INDIA & ORS. .. RESPONDENTS Mr. A. S. Rao for petitioner CORAM:SMT.RANJANA DESAI & J. P. DEVADHAR, JJ. DATE: 13/2/2009 P.C. . The petitioner was Branch Manager of the Punjab National Bank (PNB), Nepean Sea Road Branch, Mumbai. On the basis of the complaint received from the Reserve Bank of India as well as from the Punjab National Bank that one Ramesh Bhatija in connivance with the petitioner defrauded the bank to the tune of Rs.7.89 Crores, investigation was started. 2. It appears that sterling pounds 7,13,154 were transferred to the London account of Ramesh Bhatija during the period 1993-94 when the petitioner was Branch Manager of the Punjab National Bank, Nepean 2 Sea Road Branch. 3. By order dated 31/3/08 the Special Director imposed penalty of Rs.1,75,00,000/- on the petitioner. The petitioner carried an appeal and preferred a stay application therein. By the impugned order the Tribunal directed the petitioner to make pre-deposit of 30% penalty. Being aggrieved by this order, the petitioner has approached this court. 4. We have heard learned counsel for the petitioner. Learned counsel submitted that the impugned order was challenged by Ramesh Bhatija in the Delhi High Court and the Delhi High Court reduced the predeposit to 5% of the penalty amount. 5. Learned counsel for the petitioner on instructions from the petitioner, who is present in the court states that the petitioner shall deposit an amount of Rs.12 lakhs with the authorities. He states that the petitioner will deposit the said amount within eight weeks from today. 6. In the circumstances, we direct the petitioner to file an undertaking to the above effect that he 3 will deposit the amount of Rs.12 lakhs with the authorities within a period of eight weeks from today in this court. The undertaking may be filed within a period of one week from today. 7. Subject to the undertaking the impugned order dated 3/7/2008 is modified. The petitioner shall deposit an amount of Rs.12 lakhs as predeposit. On such deposit being made the appeal shall proceed in accordance will law. Petition is disposed of. JUDGE JUDGE