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June 30, 2018

Bank Of Maharashtra CEO Removed : A C Rout is the new head

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The Board of Directors of the Bank of Maharashtra decied to remove the arrested Managing Director & Chief Executive Officer Ravindra P Marathe and Executive Director R K Gupta from all functional responsibilities with immediate effect.

The development came nine days after the Pune police's Economic Offences Wing (EOW) arrested Marathe and Gupta in a case of around Rs. 2,43 crore fraudulent loans extended to the Pune-based DSK Group.

According to a statement released by the board, Executive Director A C Rout has taken over the responsibilities of MD & CEO. Rout was heading bank operations in absence of Marathe and Gupta and had presided over the bank’s AGM on June 21. It was unclear whether Rout was taking temporary charge until further arrangements could be made or it would be a long-term tenure.

Last month, the board of PNB divested executive directors K V Brahmaji Rao and Sanjiv Sharan of their powers in connection with the USD 2-billion fraud perpetrated by billionaire diamond jeweller Nirav Modi.

Allahabad Bank too take away all the powers of its CEO and MD Usha Ananthasubramanian, former chief of Punjab National Bank, in connection with the same fraud.

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