Pedestrians walk past a Bank of Maharashtra Ltd. bank branch in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Bank Of Maharashtra Reinstates Marathe, Gupta

Bank of Maharashtra on Friday restored powers of RP Marathe and RK Gupta as managing director and executive director of the bank, with immediate effect.

They were divested of their responsibilities in June after being arrested by the Economic Offence wing of the Pune Police in an alleged cheating case. According to sources, they were reinstated after the police decided to retract all charges, and withdraw cases against them.

The Board of Directors of Bank in its meeting held on Nov. 2 has “decided to restore/reinstate the functional responsibilities of RP Marathe, managing director and chief executive officer, and RK Gupta, executive director of bank with immediate effect,” the bank said in a stock exchange filing.

The bank’s board had divested the themof their functions and responsibilities on June 29. Economic Offence Wing of Pune police arrested them in connection with a cheating case lodged against DS Kulkarni and his wife Hemanti. In May, the city police had filed a 37,000-page chargesheet against Kulkarni and his wife in the case.

According to the chargesheet, the total "scam" amounted to Rs 2,043.18 crore, wherein the accused floated nine different firms to siphon off funds collected from 33,000 investors and fixed-deposit holders, who were promised good returns on their deposits.

Also read: Bank Of Maharashtra CEO Gets Bail In DS Kulkarni Developers’ Cheating Case