BANK OF MAHARASHTRA has informed the Exchange about Resignation of Independent director.
MAHABANK · price
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Bank of Maharashtra has informed stock exchanges that Shri Mrutyunjay Mahapatra has resigned from the Board with immediate effect from 6th July 2025. He had just been elected as a Shareholder Director (by shareholders other than the Central Government) through the election process completed at the AGM on 30th June 2025. In his resignation letter, he cited his inability to dedicate sufficient time due to his large number of existing board and advisory engagements across listed and unlisted companies, including fintechs, mutual funds, and ARCs. He noted that the bank is at an inflection point of wide-ranging transformations requiring significant board oversight, which he felt he could not adequately support. He confirmed there are no other material reasons behind his resignation. He continues to serve as Independent Director at Netweb Technologies India Limited and Digispice Technologies Limited.
This is a routine resignation driven by personal time constraints rather than any governance or performance concerns, so the impact on shareholders is expected to be minimal. The bank will need to initiate a fresh process to fill the Shareholder Director vacancy in due course.