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FinMin asks Allahabad Bank board to divest CEO of all powers in PNB scam case

Press Trust of India  |  New Delhi 

Cracking the whip, the government today asked the board of Bank to take away all the powers of its and MD Usha Ananthasubramanian, former of Punjab National Bank, in connection with the USD 2 billion in

The board of (PNB) too has been asked to divest two directors of all powers, told reporters here.

The announcement came within hours of CBI filing its first chargesheet in the country's largest financial scam of more than USD Rs 2 billion in allegedly perpetrated by billionaire

The chargesheet has detailed the alleged role of former Ananthasubramanian, who is now Bank and MD, in the scam.

Ananthasubramanian was the MD and of PNB from 2015 to 2017 and was questioned recently by the CBI in connection with the case.

The CBI has also named PNB directors K V and Sanjiv Sharan, and (international operations) Nehal Ahad in its chargesheet.

The further said a show cause notice was issued to them about 10-days back by the ministry.

He also informed that the board meeting of PNB was on and the ministry was waiting for its resolution.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 15:35 IST