Govt removes Sushil Muhnot as CMD of Bank of Maharashtra
Posted on:28 Sep 2016 18:26:26
Free Current Affairs to Your Email
28 September 2016 Current Affairs: The government has removed Sushil Muhnot as chairman and managing director (MD) of Bank of Maharashtra,Muhnot was to retire on September 30.
Ravindra Marathe, has been executive director of Bank of India, has taken charge as CEO and MD of the bank on Monday. He was earlier expected to join the bank on October 1. Prior to joining Bank of India, Marathe was general manager at Bank of Baroda.
This is one of the rare instance where government has removed CMD of a bank. Sources say that charges against him were that he occupied two accommodations one in Pune and other in Mumbai even as a CMD is entitled for only one accommodation. Later, the Pune accommodation was converted into a guest house. Both the accommodations belonged to the bank.
The second charge against him was that the cost of refurbishing the houses were way too higher than what he was entitled to spend. Sources said that the cost rose to Rs 1.66 crore on refurbishing both the houses.
FreshersLive - No.1 Job site in India. Here you can find latest 2017 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.