Bank of Maharashtra CMD and Executive Director ousted

The Chairman and Managing Director of Bank of Maharashtra (BoM), Ravindra Marathe and Executive Director, R. K. Gupta were on Friday stripped off their power in connection with the loan fraud case involving Pune based D.S.K group.

An official release stated that a Board of Directors meeting earlier today had decided to divest all functional responsibilities of the two.

Executive Director A. C. Raut had been entrusted with all functional responsibilities of the Managing Director and CEO and the other Executive Director of the bank.

The bank has also appealed to the Department of Financial Services and Ministry of Finance to make suitable arrangements for the smooth functioning of the bank.

For those unversed, the Pune Police on June 20 arrested four BoM officials for wrongful disbursement of money to the Pune-based DSK Group.

The other two arrested BoM officials included Zonal Manager Nityanand Deshpande and former chief managing director Sushil Muhnoot. Chartered Accountants of the D. S. K. Group, Sunil Ghatpande and Rajiv Newaskar were also among the arrested.

The accused had allegedly conspired with the D. S. Kulkarni-owned D. S. K. Group and had been siphoning money under the garb of a loan.

On June 27, the Pune Sessions Court granted bail to Marathe with a surety amount of Rs 50,000.