Court reserves bail order

ST Correspondent
Tuesday, 26 June 2018

To decide on bail of Bank of Maharashtra Chairman Ravindra Marathe today 

Pune: While hearing the bail plea of Ravindra Marathe, Chairman of Bank of Maharashtra, on Monday, the court of Special Judge SN Sardesai reserved the decision on bail order till Tuesday.

After hearing the arguments of both sides, Judge Sardesai reserved the bail order for Tuesday.

Marathe, along with other officials of BoM, was arrested by the sleuths of Economic Offences Wing of Pune police on June 20 in connection with the multi-crore DSK fraud case. After the arrest, Marathe was initially remanded to police custody but was later shifted to judicial custody till June 23.

While arguing for Marathe, defence council Harshad Nimbalkar said, “My client doesn’t have any kind of connection in the DSK fraud case, as none of the investors have any association with the bank. DSK and his wife were involved in cheating the investors and not Marathe, therefore, sections under MPID Act as well other IPC sections cannot be levied against him.”

“Police arrested Marathe without giving any intimation to RBI,” added Nimbalkar. From the prosecution side, District Government Pleader Ujjawala Pawar appeared in court instead of Special Public Prosecutor Pravin Chavan, who was absent due to medical reasons.

Judge Sardesai also asked the Investigating Officer Nilesh More and DGP Pawar about the police’s right to reserve the police custody of Marathe in future to which they replied in negative.

It is significant to note that lawyer AS Deshpande appeared in court representing the side of investors and has filed an application for argument on their behalf. After hearing his appeal, the judge permitted him to make the plea.

BoM employees federation to educate depositors
The All India Bank of Maharashtra Employees Federation (AIBOMEF) will undertake several campaigns from July 19 to educate depositors following the recent DSK scam. Devidas Tuljapurkar, General Secretary of AIBOMEF, said, “As this is the 50th year of the nationalisation of public banks, we have decided to educate the investors to not fall prey to people assuring high-interest rates on their investments. The federation will also appeal to people that deposits with nationalised banks are safe and secured.”

DSK’s son surrenders
Shirish Kulkarni, son of realtor DSK, surrendered before Special Judge SN Sardesai on Monday evening. Kulkarni surrendered himself after the cancellation of his bail by Supreme Court last week.

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