Court grants bail to BoM CMD Ravindra Marathe

ST Correspondent
Thursday, 28 June 2018

Pune: The court of Special Judge SN Sardesai, on Wednesday, granted bail to Ravindra Marathe, Chairman and Managing Director of Bank of Maharashtra (BoM).

Pune: The court of Special Judge SN Sardesai, on Wednesday, granted bail to Ravindra Marathe, Chairman and Managing Director of Bank of Maharashtra (BoM).

Marathe, who was arrested along with other officials by sleuths of Economic Offences Wing for allegedly colluding with officials of DSKDL and sanctioning them loan illegally, has been granted bail on the surety of Rs 50,000. Marathe was admitted to a private hospital after he complained of illness. He was admitted to a private hospital immediately after he was given judicial custody on June 23. He was remanded to judicial custody till July 4.

Both the defence and prosecution made their submissions in court on Wednesday after which the court granted the bail. The prosecution was represented by special public prosecutor Pravin Chavan, whereas the defence counsel was senior advocate Harshad Nimbalkar.

It is significant to note that on Monday both sides completed their arguments after which the court reserved the order for Tuesday. 

However, the court was not attended by Judge Sardesai on Tuesday due to personal reasons, after which the court gave the order on Wednesday. 

Along with Marathe, police had also arrested Bank of Maharashtra’s Executive Director RK Gupta and its Zonal Manager Nityanand Deshpande last  week.

They also arrested former CMD of Bank of Maharashtra Sushil Munhot from Jaipur along with Sunil Ghatpande, who is the Chartered Accountant of DSK and also Rajiv Newaskar, Vice President of Engineering Department of DSK.

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