Bank of Maharashtra board takes away Marathe, Gupta's executive powers

Bank executives said the proposal was moved by representative of the government, which holds a majority stake in Pune-based bank

The board of Bank of Maharashtra (BoM) has taken away functional powers of its managing director and chief executive Ravindra Marathe and executive director R K Gupta to avoid reputation risks to public sector lender arising out of criminal cases against two executives.

A C Rout, existing executive director, will look after all the functional responsibilities of Marathe and Gupta.

On June 20, 2018, the Economic Offences Wing of the Pune police had arrested six persons, including Marathe and Gupta in a cheating case lodged against city-based real estate developer D S Kulkarni and his wife.  On June 27, a special Pune