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'Divest powers of accused,' Finance Ministry directs PNB, Allahabad bank

By Chennabasaveshwar
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    Finance Ministry has directed directors of Punjab National Bank (PNB) and Allahabad bank to divest all the powers of those who are accused in PNB Scam case after the CBI filed charge-sheet in Rs 13,000 crore scam on Monday.

    Divest powers of accused, Finance Ministry directs PNB, Allahabad bank

    Rajiv Kumar, Secretary, Dept Financial Services (DFS) told media-persons, "PNB board meeting is underway, they will announce the action taken after the meeting. "

    "We have initiated the removal of 3 board level officers, 2 ED officers of Punjab National Bank and 1 MD of Allahabad Bank," Rajiv Kumar said.

    "Allahabad Bank will call a board meeting and then decide to divest the power of Chief Managing Director (CMD) named in CBI charge sheet," he added.

    Chargesheet against absconding accused Nirav Modi, former MD and CEO of PNB Usha Ananthasubramanian and several others in the over Rs 13,000 crore PNB scam. The charge-sheet was filed in a Mumbai court just before the 90-day period to file charges against those arrested ends. Following this, the accused will not be able to seek bail.

    The CBI has also named PNB executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad in its chargesheet.

    The Financial Services Secretary further said a show cause notice was issued to them about 10-days back by the ministry. He also informed that the board meeting of PNB was on and the ministry was waiting for its resolution.

    ( With PTI inputs)

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