Date:04/12/2005 URL: http://www.thehindu.com/2005/12/04/stories/2005120418440300.htm

Karnataka - Bangalore

Canara Bank waives Manjunath's loan

Staff Reporter

BANGALORE: Canara Bank has waived the entire outstanding liability of Rs. 2.3 lakhs, payable by Indian Oil Corporation officer Manjunath Shanmugam, who was gunned down in Uttar Pradesh recently.

Manjunath had availed himself of an educational loan of Rs. 2 lakhs from the Canara Bank's Dasara Hosahalli branch in Kolar for pursuing the management course at the Indian Institute of Management.

The bank has released the mortgaged property documents "so as to relieve his grieving parents of the burden of the loan and the mortgage. The personal guarantee executed by his father has also been released by Canara Bank," a bank release said.

The waiver was in recognition of Manjunath's "ultimate sacrifice in upholding values in public interest," the release added.