SC directs ICICI to settle issue with a widow

New Delhi, Feb 21 (UNI) On being severely pulled by the Supreme Court for employing ''musclemen'' as recovery agents, the ICICI bank today offered to settle the issue with a 75 year old widow whose truck was forcibly taken away by the agents of the bank from Kanpur in Uttar Pradesh in July 2006.

A bench comprising Justices A R Laxmanan and Altamas Kabir today directed both the parties to inform the court on Monday next, whether any settlement was possible or not. Senior Counsel Harish Salve appearing for the bank, offered to give up interest on the principle amount and also offered to adjust the principle amount according to the instalment paid by Mrs Parkash Kaur.

Mrs kaur however, insisted on damages for the harassment and loss caused to her due to the illegal acts of the agents of the bank and also because her truck was in their custody for the last six months.

She contended that she had paid all the instalment except one and the money paid by her was credited in another account by the bank having same number but different name and it was not her fault. The ICICI bank however, insisted that it will settle the matter only if Mrs Kaur gave an undertaking that she will not pursue any civil remedy for recovery of damages.

The Allahabad High Court in its impugned judgement had directed the state police to register an FIR against the CMD, Chief Manager, Branch Manager of Civil Lines branch Allahabad and the recovery agent who took away the truck without any prior notice.

The court had repeatedly told the bank during earlier hearings that the use of ''musclemen'' for recovery of dues is illegal and cannot be permitted.

UNI