Bank of Ma­ha­rash­tra MD, ED re­in­stated

India Business Journal - - FINANCE -

The board of di­rec­tors of Bank of Ma­ha­rash­tra has de­cided to re­store and re­in­state the func­tional re­spon­si­bil­i­ties of its MD and CEO R P Marathe and Ex­ec­u­tive Di­rec­tor R K Gupta with im­me­di­ate ef­fect. This move is seen an in­di­ca­tion that the two top ex­ec­u­tives, who were taken into cus­tody by the Pune po­lice for the bank's Rs 96.52-crore ex­po­sure to DSK De­vel­op­ers, have got a clean chit from the au­thor­i­ties. Ear­lier, the board had di­vested these two top ex­ec­u­tives of all their func­tional re­spon­si­bil­i­ties. The Pune-head­quar­tered bank has said that it has not flouted norms while sanc­tion­ing and dis­burs­ing loans to the com­pany.

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