JUDGMENT : Mr. Sibal, learned counsel for the Canara Bank has placed before us the details of the legal representatives of late Sh. B.R. Ratnakar, the Chairman and Managing Director of the Canara Bank at the relevant time. They are: l. Mr. Premanand R Shenoy, 2C, HVS Paradise, 9, Andree Road Cross, Shanthinagar Bangalore - 560 027 2. Smt. Prema Ratnakar, 401/402, Garadi Apartments, K.R. Road, Tata Silk Farm, Bangalore - 560 004 3. Mr. Naveen R Shenoy, 401/402, Garadi Apartments, K.R. Road, Tata Silk Farm, Bangalore - 560 004 2. It appears that another son - Mr. Rohit R Shenoy, is now studying in USA and his address is not available. Notice to him is dispensed with for the present. 3. Justice Saharya Commission has reported that "Mr. B.R. Ratnakar, Chairman-cum-Managing Director, Canara Bank, intentionally and with knowledge that sanction of the proposal was neither in consonance with the norms nor was it for the benefit and in the interest of the Bank, involved the bank in the transaction." The Commission has recorded a further finding that "it stands established that the two banks (New Bank of India and the Canara Bank) intentionally and with full knowledge sacrificed all norms, caution, care and prudence in granting the facility". Another finding recorded by the Commission is, "the other functionaries of the Canara Bank as named in Issue No. 2 directly and indirectly assisted the Company to get participation of Canara Bank in the un-profitable transaction and did not ensure fulfilment of the conditions contained in the guarantee." 4. The said findings recorded against Sh. B.R. Ratnakar call for appropriate action at the hands of this Court which shows that public funds, of which he was in the nature of a trustee, have been frittered away deliberately and intentionally. Accordingly, a notice shall issue to the aforesaid legal representatives of late Sh. B.R. Ratnakar to show cause why the loss caused by Sh. Ratnakar of Canara Bank in the region of Rs. 4 crores be not recovered from the properties - movable and immovable - in their possession. With a view to ensure that any orders passed in these proceedings are effective, we direct the said legal representatives of Sh. Ratnakar not to deal with or dispose of any assets or property held by them - movable and immovable, directly or indirectly. 4 crores be not recovered from the properties - movable and immovable - in their possession. With a view to ensure that any orders passed in these proceedings are effective, we direct the said legal representatives of Sh. Ratnakar not to deal with or dispose of any assets or property held by them - movable and immovable, directly or indirectly. Any company of which any of them is a Director or in the management thereof (including M/s. Fair Growth Agencies, No. 3, St. Marks Road, Bangalore - 5600001) in any way or any firm (including M/s. Prerana Motors, No. 132, Kantha Court, Lalbagh Road, Bangalore - 560027) of which any of them is a partner or in control thereof, directly or through any other person shall also not deal with or dispose of any assets except in the usual course of business. Each of them shall, however, be entitled to withdraw upto Rs. 10,000/- (Rupees Ten Thousand only) from any one of his/her bank account. They are, of course, entitled to apply to this Court for further directions. 5. For further orders, list the matter on 11.2.1997. 6. The Canara Bank has filed its response. Mr. Jagdeep Kishore, learned counsel for PNB states that they shall file the response by 10th February, 1997. 7. It is stated by Mr. Salve that response) affidavit on behalf of RBI will be filed during the course of the day. 8. The affidavits of the two Directors (nominees of the Reserve Bank of India on the Board of NBI) are also being filed today, 9. So far as the other directors of NBI to whom notice has been issued, namely - Ms. Tajwar Rehman Sawhney, Mr. Sudershan Lai, Mr. SS Ranade and Mr. J.K. Sawhney are concerned, notices have been served upon them and they are present in Court in person, They shall await the orders to be passed on 11.2.1987.