| On April 1, 1965, the Court of Appeal in Jullundur entered a final judgment against a bank employee who was charged with defrauding his employer. According to the court's order, on January 1, 1959, Tek Chand Sharma, a bank employee who had joined the bank as an independent contractor, made two applications to be included in the calculation of the bank's basic pay for the year 1960 and 1961. According to the court's order, the workman was entitled to increments under sub-clause 5.356 of the Desai award that provided for annual increments ranging from $1.05 to $2.07 per hour. The court also found that the amount of compensation owed to the workman would not exceed the amount of the adjusted basic pay. In addition, the court found that the amount of compensation owed to the workman did not correspond with the amount of the actual basic pay received by the bank. The court further ruled that the amount of compensation owed to the workman could not exceed the amount of the adjusted basic pay provided under the Desai award. The court granted the bank's request for a temporary restraining order, which prohibits it from imposing any monetary penalty or imposing a civil penalty. The court also issued a temporary restraining order suspending the bank from issuing any security or other emergency orders. The court will consider the merits of the matter before it makes any final judgments. The SEC's investigation was conducted by B. C. Das Gupta and supervised by Sanjay Wadhwa. The litigation will be led by Mr. Gupta. The case is being supervised by Ms. Gupta. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority. |