Loans to DSK group fully secured, say BOM officials at AGM

PUNE: Six of the eight directors of Bank of Maharashtra (BOM) kept away from the 15th annual general meeting (AGM) of the bank on Thursday amidst sharp disappointment expressed by a number of shareholders who were present at the meeting.

About 200 shareholders were present at the meeting, many disappointed with the arrests of the top executives of the bank, and said that this had tarnished the image of the bank in the eyes of the public.

Addressing the shareholders, AC Rout, executive director, said, “Various initiatives taken up by the bank for a turnaround, such as a focus on non-performing asset recovery, credit expansion with diversified risk, controlling slippages and improving operational efficiency, are on track.” Replying to concerns raised by a few shareholders with regards to the amount advanced to DS Kulkarni developers limited (DSKDL), Rout explained that the bank’s present outstanding exposure to the group stood at ~94.52 crore, which was fully secured. The bank has already declared DSKDL and its promoters as wilful defaulters and recovery processes have already been initiated, he added.