Banker's beware, take full legal lessons before granting loans on legal opinion given by your advocates as highest court of law in India, Supreme court has said giving wrong legal advice is not crime if there is no link between them and perpetrators of fraud or offence. And from this we may easily draw our opinion that its ultimately Branch Managers who have sanctioned loans are liable for the frauds etc even if there is no link between them and perpetrators of fraud. The utmost penalty that bank panel advocate may get is depanelment that too from that bank only.
But the court also said the advocate's opinion must be bonafide as all legal practioners owe an unremitting loyalty to the interests of a client and it is the lawyer's responsibility to act in a manner that would best advance the client's interest.
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