Bank of Maharashtra CMD removed over irregularities

27 September, Pune

Sushil Muhnot, Chairman and Managing Director (CMD) of Bank of Maharashtra headquartered in Pune has removed over irregularities.

Mr Muhnot who was removed last evening was targeted by various share holders, and Bharatiya Mazdoor Sangh for alleged irregularities.

A statement issued by the department of financial services has not specify any reason for his removal.

He was removed just four days befor his tenure as CMD was to end on September 30.

Last year, various share holders had taken up the matter of his alleged irregularities especially Muhnot having occupied two official quarters one in Pune and another one in Mumbai, it added.

Ravindra Marathe, executive director Bank of India is appointed as new CMD, it added.