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Govt sacks Muhnot as CMD of Bank of Maharashtra

Ministry had served a notice to Muhnot asking him to explain why he should not be removed from his job for allegedly occupying two houses.

By: ENS Economic Bureau | Mumbai |
September 27, 2016 1:22:43 am

Sending a strong signal to the financial sector against abusing official position, the government on Monday sacked Sushil Muhnot as chairman and managing director of public sector Bank of Maharashtra. It also brought in RP Marathe as the new MD and CEO of the bank.

The finance ministry action came through a notification four days ahead of his scheduled retirement on September 30.

The ministry had served a showcause notice to Muhnot asking him to explain why he should not be removed from his job for allegedly occupying two houses. Muhnot had occupied two houses — one in Mumbai and another in Pune.

In another notification, the government has appointed RP Marathe, executive director at Bank of India, as MD and CEO of Bank of Maharashtra with immediate effect.

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“In exercise of the powers conferred by sub-clause (4) of clause 8 of the Nationalised Banks (Management and Miscellaneous Provisions) schemes 1970/1980, the central government hereby removes Sushil Muhnot from the post of chairman and managing director of Bank of Maharashtra with immediate effect,” the notification issued by the finance ministry said.

On September 15, CBI had registered a case of alleged corruption against former chairman-cum-managing director of United Bank of India (UBI) Archana Bhargava and two companies. During searches, CBI had recovered cash, jewellery and investment details to the tune of over Rs 10 crore which are allegedly in her and her family members’ name, CBI said. On September 16, the government accepted the resignation of Life Insurance Corporation chairman SK Roy three days before his three-month notice period was to end on September 20. Roy had unexpectedly put in his papers on June 20 this year without giving any reasons. The government had then said there was “no pressure” on Roy to resign two years before completing his tenure and promised to get a new chairman “quickly”.

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