Govt removes Sushil Muhnot as CMD of Bank of Maharashtra

In a rare instance, the government today removed Sushil Muhnot as Chairman and Managing Director of Bank of Maharashtra, four days ahead of his scheduled retirement.

Muhnot was to retire on September 30.

According to reports, the finance ministry had earlier this year served a showcause notice to Muhnot asking him to explain why he should not be terminated from his job for allegedly occupying two houses.

He had allegedly occupied two houses - one in Mumbai and another in Pune, the headquarters of the Bank of Maharashtra.

The government has appointed R P Marathe, executive director at Bank of India, MD and CEO of Bank of Maharashtra with immediate effect.
 

"In exercise of the powers conferred by sub-clause (4) of clause 8 of the Nationalised Banks (Management and Miscellaneous Provisions) schemes 1970/1980, the central government hereby removes Sushil Muhnot from the post of Chairman and Managing Director of Bank of Maharashtra with immediate effect," said a notification by the Finance Ministry.