BoM reinstates Marathe, Gupta as MD and ED of bank

In a significant development, Bank of Maharashtra (BoM) Friday restored powers of R P Marathe and R K Gupta as managing director and executive director of the bank with immediate effect.

They were divested of their responsibilities in June this year following their arrest by the Economic Offence wing of the Pune Police in an alleged cheating case.

According to sources, they were reinstated as Pune Police decided to take back all charges and withdraw cases against them.

The Board of Directors of Bank in its meeting held on November 2 has "decided to restore/reinstate the functional responsibilities of R P Marathe, Managing Director and CEO and R K Gupta, Executive Director of Bank with immediate effect," the bank said in a filing to stock exchanges.

Earlier, the Board on June 29, 2018 had divested them of all their functional responsibilities.

Economic Offence Wing of Pune police arrested them in connection with a cheating case lodged against D S Kulkarni and his wife Hemanti. In May, the city police had filed a 37,000-page chargesheet against DSK and his wife in the case.

According to the chargesheet, the total "scam" is worth Rs 2,043.18 crore, wherein the accused floated nine different firms to siphon off funds collected from 33,000 investors and fixed-deposit (FD) holders, who were promised good returns on their FDs.

Former Chairman and Managing Director Sushil Muhnot who was arrested in the case too was granted bail.