Sudhir Kumar Jain, who was suspended from the post of Syndicate Bank CMD from August 2, after CBI registered a case against him for bribery, has been dismissed from service with immediate effect.
In a communication to the stock exchanges today, the bank said that the Central Government in its letter dated September 22 has "terminated the term of office'' of Sudhir Kumar Jain as Chairman-cum-Managing Director of the bank with immediate effect.
He had been placed "under deemed suspension'' with effect from August 2, 2014 in the wake of his arrest by CBI for allegedly accepting bribe to hike the credit limit of some private companies bypassing rules.
The two companies named in the case were Prakash Industries and Bhushan Steel, some of whose senior executives, apart from others, have been charged.