As per my legal knowledge goes, you need to clear your case from the previous company's inquiry or else the new company on verification of credentials the job may be fatal. Also please take cognizance in case you do nor appear in person the company may file an FIR against you in their jurisdictional Police station and also book a criminal case against you and other cases in the court of law for recovery of their monies, wherein your credibility will at stake.
In he given circumstances it would be better to discuss with company management for an out of court settlement and get clearance certificate from the Mgmt. Please remember, in future whenever you are doing financial transactions you have to doubly ensure that the loan application and he client's project is correct. In case,if required you need to get it verified from the companies registered evaluation consultants, who has all the latest market data will be of much use to you.
The company is not carrying out any enquiry. According to the company my gross negligence has been established and so they have suspended me till the account is resolved. The price of the machinery is debatable and the dealer has already met the management for clarification on the price of the machine. At the time of sanction of the proposal I was an employee of the subsidiary while the account was booked in the parent company. The parent company did not provide me with any credit policy or a procedure. I was asked to put my suggestions to the deal and had no access to any documents to the deal other than the financials of the borrower. The company had no registered evaluators. Now the parent company want to blame me for everything and save the their own employee involved.
Whatever may be the reason, you need to discuss the issues case by case with the present Management, and try to close the matter as early as possible, since you have one more assignment waiting for you.Please do not miss any opportunity. Now you got a fair idea as to how the private sectors work. Working in Government Sector is totally different from the Private sectors. While drawing any conclusion pertaining to loan etc you should be abreast with the information, then only success comes in your way.
All the best for new job. May God bless you
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Thanks & Regards
HR Manager at Mituj Marketing
I have no idea as to what happened behind the scenes. The borrower is absconding and has sold the equipment to someone else and their might have been some documentation lapses since they don't even have the insurance policy for the machine. The borrower claimed his house to be self owned but now they have found out that it was rented and still they have not questioned their operation team and these things are not even mentioned in the audit report. Audit report just contain one issue that the machine was overpriced and the dealer is fraud. The dealer is a renowned one and works with many big financial company. As per my lawyer they don't have any case against me and they have not even followed any procedure. According to my lawyer I also had no employer employee relationship with the parent company at the time of sanction.
So far as justification of your suspension is concerned, that can be confirmed or denied only after you mention what the excat market price of the machinery is, what the invoice of the machinery in question shows, what is the exact objection of the audit, whether only you were involved in approval of the loan or some other functionaries were also involved in the transation? So, your question is quite vague in that respect.
About your assumption about suspension till eternity, that is also exxaggeration on your part. No suspension goes up to eternity, more so, when the management has clearly mentioned, "till the account mentioned in the show cause is resolved or settled."
So, it is not understood, what is the hitch for you in ascertaining the market value by yourself and getting 3-4 cost estimates of the machinery from the open market and make the issue clear with the company and the audit? If you have been suspended on that specific ground, you should rather have acted with speed to clear that issue.
So far as your selection in other company is concerned, if you join the other company, until you get officially relieved from the present company, your case would become that of double employment for which you can be subjected for disciplinary action, not only by the present company, but also by the new company for concealing the facts from the employers.