United Bank of India CMD Archana Bhargava's exit: 6 more precedents

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United Bank of India Chairperson Archana Bhargava has quit citing health grounds, amid probes into misreported bad loans. United Bank of India Chairperson Archana Bhargava has quit citing health grounds, amid probes into misreported bad loans.
SummaryMN Goiporia, chairman of SBI had to leave the bank over 1991 scam involving Harshad Mehta.

Archana Bhargava is not the first person to leave a public sector bank before the end of term. The 1991 securities scam involving stock broker Harshad Mehta witnessed the exit of several high profile PSU bankers.

* MN Goiporia, chairman of State Bank of India, had to leave the bank after the scam surfaced.

* National Housing Bank chairman MJ Pherwani, who once headed the undivided UTI, was also forced to quit in the same year. Pherwani, considered as the mentor of Harshad Mehta, died under mysterious circumstances in less than a month after the scam surfaced.

* K Margabanthu, UCO Bank’s chairman, refused to quit, but he was asked to “proceed on leave”. He never returned from the leave. However, not all of them are related to frauds.

* Bank of India chairman and MD, MG Bhide, resigned after differences of opinion in the board in 1998. Bhide, though remained active in the corporate sector and served on the boards of companies like Crisil, M&M Financial Services and Shipping Corporation of India.

* SC Basu, CMD, Bank of Maharashtra was also asked to go on leave some years ago.

* Punjab & Sind Bank CMD NS Gujral too was moved out in 2003.

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