Dear all,
I had joined a private organisation as a senior credit manager for industrial equipment finance in may 2015 after leaving my government bank job. After my joining I came to know that the business of the company is halted and they will be merged with their parent company.
I was helping the collections team and in the meanwhile looking for job. In around December the product head of the parent company called me and told me that they want to book some industrial equipment loans in their business loan domain and If I help them with suggestions and financial analysis then my absorption would be easier.
The parent company started booking the deals and I provided them with the financial analysis of the client and my observations or suggestions to the deal. In those deals I had no authority of meeting the dealers or client. I had no role in sourcing, documentation, verification, disbursement and approval.
At the end of April 2016, the employees of the subsidiary were absorbed and I was asked to leave with three months upfront salary but I requested them to give me my three months notice period to which they agreed and my last working day is 1st of august 2016.
Now on 1st July 2016 I received an email from the audit team that a deal sanctioned in Feb 2016 and disbursed in march 2016 has gone bad and according to the audit findings the machinery has been overpriced and fraud has been committed by the dealer and the client. Further the audit team stated that it was gross negligence on my part not to verify the cost of the asset from the market. Audit sought my explanation and I provided one on 2nd July 2016. On 4th July I received a show cause notice dated 2nd July 2016 which asked for explanations and stated that my resignation has been unaccepted. I replied to the show cause notice and then they suspended me on 12th July 2016 stating that gross negligence on my part has resulted into huge loss for the company and I'm suspend till the account mentioned in the show cause is resolved or settled.
I have also appeared for a job interview on 10th July and I got through.
Now please tell me what can I do? I want to join the new company without hassle. Is this suspension justified and what are my options?
