PUNE: Bank of Maharashtra's shareholders came out in support of its MD & CEO Ravindra Marathe and executive director Rajendra Gupta at the annual general meeting (AGM) here on Thursday. The duo was arrested along with two other bank officials for allegedly disbursing crores of rupees in loans to DSK Developers Limited (DSKDL) without following proper procedure and violating RBI guidelines.
The shareholders questioned the intention behind the police action against Marathe and Gupta, saying the arrests were "unnecessary". They claimed the two officials were putting in efforts for the bank's revival. The bank has been under corrective action after its non-performing assets (NPAs) breached the 12% mark.
One of the shareholders, M G Jawanjal, questioned the timing of the arrests - just a day before the AGM. "It seems like the investigating agencies are acting with some agenda. The bank's role in the DSK case is limited. The way the police have initiated action is improper. It is harmful for the bank's functioning," he said.
Another shareholder, Sharad Bhosale, said Marathe had initiated steps to reduce the NPAs.
"The police should have conducted a detailed inquiry before making arrests."
The shareholders questioned the intention behind the police action against Marathe and Gupta, saying the arrests were "unnecessary". They claimed the two officials were putting in efforts for the bank's revival. The bank has been under corrective action after its non-performing assets (NPAs) breached the 12% mark.
One of the shareholders, M G Jawanjal, questioned the timing of the arrests - just a day before the AGM. "It seems like the investigating agencies are acting with some agenda. The bank's role in the DSK case is limited. The way the police have initiated action is improper. It is harmful for the bank's functioning," he said.
Another shareholder, Sharad Bhosale, said Marathe had initiated steps to reduce the NPAs.
"The police should have conducted a detailed inquiry before making arrests."