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Bank of Maharashtra board divests executive powers of Marathe and Gupta

In other developments, a BoM manager was booked by the Central Bureau of Investigation (CBI) for Rs 2.05 crore fraud while assistant commissioner of police (Economic offences wing and cyber crime) Nilesh More, who is the investigation officer in the Rs 2,043 crore DSK Developers Ltd (DSKDL) scam, was admitted to Ruby Hall Clinic, Wanowrie, after complaining of uneasiness and stress on Friday evening.

pune Updated: Jun 30, 2018 17:02 IST
Nadeem Inamdar
Nadeem Inamdar
Hindustan Times, Pune
pune,maharashtra,bank of maharashtra
Ravindra Marathe.(HT File Photo)

Multiple developments rocked Bank of Maharashtra (BoM) on Friday as its managing director (MD) Ravindra Marathe and executive director Rajendra Gupta were divested of charges by the board of directors.

In other developments, a BoM manager was booked by the Central Bureau of Investigation (CBI) for Rs 2.05 crore fraud while assistant commissioner of police (Economic offences wing and cyber crime) Nilesh More, who is the investigation officer in the Rs 2,043 crore DSK Developers Ltd (DSKDL) scam, was admitted to Ruby Hall Clinic, Wanowrie, after complaining of uneasiness and stress on Friday evening.

On Friday, the board of directors of Bank of Maharashtra withdrew all the executive power of Marathe and Gupta with immediate effect.

The decision to withdraw the powers from the duo was taken during an emergency meeting held by the directors in the aftermath of BoM’s alleged connection with the Rs 2,043 crore DSK fraud case coming to light.

Highlights
  • The decision to withdraw the powers from the duo was taken during an emergency meeting held by the directors in the aftermath of BoM’s alleged connection with the Rs 2,043 crore DSK fraud case coming to light.

Earlier on June 20, the Economic offences wing (EOW) had arrested Marathe; Gupta; Sushil Muhnoot, former chairman and MD; and Nityanand Deshpande, zonal manager in connection with the DSKDL scam.

All of them are currently out on bail.The decision has been communicated to the Bombay Stock Exchange (BSE) after an emergency meeting of the board was held at the Lokmangal headquarters of the bank on Friday where two representatives from the central government under whose chairmanship the meeting was held to decide the future course of action on the duo.

All the accused have been booked by the Shivajinagar police station under Sections 120 (B) (conspiracy), 406 (criminal breach of trust), 420 (cheating), and others of the Indian Penal Code (IPC). Besides, they have also been booked under Sections 3 and 4 of the Maharashtra Protection of Investor Deposits Act, 1999.

ACP Nilesh More hospitalised

Assistant commissioner of police (EOW and cyber crime ) Nilesh More, who is the investigation officer (IO) in the Rs 2,043 crore DSKDL scam, was admitted to Ruby Hall Clinic, Wanowrie, after he complained of uneasiness and high stress on Friday evening. While his condition was stable towards late evening, sources said that his health had deteriorated due to the stressful developments in the high-profile case. More and the investigating team are working under the guidance of deputy commissioner of police (EOW and cyber crime ) Sudhir Hiremath.

Three BoM employees get bail

SN Sardesai, special judge for Maharashtra Protection of Interest of Depositors (MPID) Act, on Friday granted bail to Rajendra Gupta, BoM executive director; Nityanand Deshpande, zonal manager; and Sushil Muhnoot, former chairman and managing director, on furnishing bond of Rs 50,000. They have been ordered not to tamper with evidence, exert influence in the investigations or leave the country without the court’s permission.

Interestingly, while the EOW told the court that bail may be granted, special public prosecutor Pravin Chavan had vociferously opposed it on Thursday.

First Published: Jun 30, 2018 16:58 IST