Top

After arrest, Bank Of Maharashtra CEO-MD removed

Shubhanshu Sharma

Shubhanshu SharmaBy Shubhanshu Sharma

Published on 29 Jun 2018 3:38 PM GMT

After arrest, Bank Of Maharashtra CEO-MD removed
X
  • Facebook
  • Twitter
  • Whatsapp
  • Telegram
  • Linkedin
  • Print
  • Facebook
  • Twitter
  • Whatsapp
  • Telegram
  • Linkedin
  • Print
  • Facebook
  • Twitter
  • Whatsapp
  • Telegram
  • Linkedin
  • Print

Mumbai: In an abrupt move, the Board of Directors of the Bank of Maharashtra on Friday resolved to remove arrested CEO and Managing Director Ravindra P. Marathe from all functional responsibilities with immediate effect.

According to a statement, Executive Director AC Rout, has been appointed in his place, of the Pune-headquartered bank.

The development came nine days after the Pune police's Economic Offences Wing (EOW) swooped on the bank and nabbed Marathe and six others in a case of around Rs 2,43 crore fraudulent loans extended to the Pune-based DSK Group.

Also Read: ICICI Bank names Girish Chandra Chaturvedi as non-executive Chairman

The EOW has also arrested the public sector bank's Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad and former CMD Sushil Muhnot from Jaipur.

The 83-year-old bank is ranked among the leading PSBs in India.

Shubhanshu Sharma

Shubhanshu Sharma

Writer has 6 years of experience in digital media. Presently working as Senior Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

Next Story