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The Centre has sacked Punjab National Bank’s two Executive Directors – Sanjiv Sharan and KV Brahmaji Rao – six months after show-cause letters were issued to them in the Nirav Modi- and Mehul Choksi-perpetrated scam.
Rao’s removal is, however, subject to the outcome of the writ petition filed by him in the Delhi High Court against the Central government, the Department of Financial Services said in an order on Friday.
It may be recalled that the show-cause letters issued to Sanjiv Sharan and Brahmaji Rao had sought explanation as to why removal action should not be taken against them for having failed to exercise proper control of Punjab National Bank while serving as Executive Director, which enabled fraud in the bank through the misuse of SWIFT at the bank’s Brady House branch in Mumbai .
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