Bank of Maharashtra restores powers of its CEO, executive director

The board of Bank of Maharashtra (BoM) has restored powers of R P Marathe as managing director and chief executive officer with immediate effect. This follows the decision of the police in Pune to withdraw charges against Marathe and R K Gupta, executive director, in a case related to sanctioning loans to Pune-based real estate developer D S Kulkarni.

The police moved court in October to remove their names from the First Information Report (FIR), saying sufficient evidence was not found against the top bank officials to frame charges.

The board also reinstated functional responsibilities of R K Gupta, the bank said in a filing with BSE. The board of directors took the decision at a meeting in New Delhi.

In June, the bank board took away functional powers of Marathe and Gupta to avoid risk to the bank’s reputation arising out of criminal cases against the two executives.