Mumbai/Pune: Recent reports alleging large-scale financial irregularities in Bank of Maharashtra’s leasing of office space at Montclaire, Baner, may have overstated the actual financial exposure, according to details emerging from executed lease documents and sources familiar with the transaction.
While some reports projected a possible liability of over ₹1,100 crore over 15 years, available lease details indicate that the actual rental outgo over the full tenure would be approximately ₹406 crore, excluding applicable taxes. Bank-side sources argue that the higher figures appear to be based on extrapolated assumptions, including notional interest calculations, rather than the actual contractual lease structure.
However, independent verification of the complete tender file, comparative rental benchmarks and board-level approval process would be necessary before drawing a final conclusion on the propriety of the transaction.
