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The Board of Directors of Bank of Maharashtra (BoM) withdrew the functional powers of its Managing Director and General Manager Ravindra Marathe and Executive Director RK Gupta to avoid reputational risks for lenders public sector. AC Rout, the current Executive Director, will badume all functional responsibilities of Marathe and Gupta.
On June 20, 2018, the economic crime wing of Pune arrested six people, including Marathe and Gupta, in a cheating case against real estate developer D S Kulkarni and his wife. On June 27, a special court in Pune granted bail to Marathe in a case involving DS Kulkarni.
Given recent developments, the board of directors, at its meeting, decided that the CEO and the executive director would be devoid of any liability with immediate effect, the state-owned bank has declared by filing with the BSE.
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Bank executives said the proposal was moved by the government representative, who holds a controlling stake in the Pune-based bank. Although the charges against bank representatives are allegations, it was thought that it would be prudent to keep the bank, registered entity, far from being under a cloud.
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