BoM shareholders accuse police of unfair action against Marathe

ST Correspondent
Friday, 22 June 2018

Around 200 shareholders attended the AGM. They were also annoyed with the absence of six directors of the bank for the AGM.

Pune: After the arrest of top officials of Bank of Maharashtra (BoM) by sleuths of Economic Offences Wing of Pune police, shareholders of BoM, who came to attend its Annual General Meeting (AGM) on Thursday at its headquarters in Shivajinagar, alleged that the police arrested the bank officials without any proper investigation regarding the roles played by them in approving loans to DSKDL. 

Around 200 shareholders attended the AGM. They were also annoyed with the absence of six directors of the bank for the AGM. 

Sharad Bhosale, a shareholder and former director of Akashwani, Pune, said, “It’s unjust as the top brass of the bank were arrested without any proper investigation of their roles in the case. Ravindra Marathe is an exemplary official with a clean record of 36 years service and a person like him getting arrested without any investigation, then it’s not justified. If they have done something, they should be punished, but with a proper investigation into the matter.” 

Bhosale was irked over the absence of six bank directors for the AGM and said, “Bank pays so much for the salaries and perks of the directors and their absence at the AGM at such a time of crisis is unacceptable. I think they are least concerned about the interests of common shareholders.” 

JM Jawanjal, a shareholder from Nagpur said, “Marathe is an honest man but still he has been arrested without proper investigation. He has been made a scapegoat. Instead of taking action against bigger frauds, they have taken inappropriate action against him.”  He said Marathe has a clean image but was targeted unfairly with the intention of maligning the bank. 

Official statement of BoM about its AGM
The BoM, at its 15th AGM on June 21 approved and adopted its Balance Sheet and Profit and Loss Account for the year ended March 31, 2018. Shareholders expressed confidence in the bank and its leadership. They acknowledged the team’s impeccable service record and efforts taken for steering the bank towards profit. 

Addressing the shareholders, AC Rout, Executive Director, BoM, said, “The initiatives taken up by the bank for a turnaround like focus on NPA recovery, credit expansion with diversified risk, controlling slippages and improving operational efficiency are on track.” 

He added that the Operating Profit for the year ended March 31, 2018 increased by 20 per cent Y-o-Y with improvement in efficiency parameters like Net Interest Margin and cost to income ratio. The bank has improved its CASA ratio to an all-time high of 47.74 per cent in total deposits that helped in reducing interest expenses. Bank achieved robust cash recovery from NPAs along with a three-fold increase in recovery in written off accounts. 

The shareholders approved raising equity capital through FPO/Rights issue/ QIP/ Preferential share, aggregating up to Rs 3,000 crore. 

Replying to concerns raised by a few shareholders about the amount advanced to DSKDL, Rout said the bank’s exposure to the group is Rs. 94.52 crore, which is fully secured. The shareholders expressed anguish over the manner in which the MD and CEO, Executive Director and other officials were arrested. 

BoM CMD discharged from SGH

Pune: Chairman and Managing Director (CMD) of Bank of Maharashtra (BoM) Ravindra Marathe was discharged from Sassoon General Hospital (SGH) on Thursday evening. 

He was admitted to the hospital after complaining of chest pain at 2 am on Thursday. Marathe was arrested in the illegal sanctioning of a loan to DSK Group and was remanded in police custody on Wednesday. Officials at the SGH said his condition was stable. Hence, he was discharged from the hospital. 

Speaking to Sakal Times, Dr Ajay Taware, Medical Superintendent of the SGH, said Marathe was admitted early morning on Thursday. “He complained of chest pain and had breathlessness. During his check-up, it was found he had high blood pressure and asthma. He was at the hospital for the entire day. At 6 pm, he was discharged from the hospital as his condition became normal,” said Dr Taware. 

Related News