Bank’s CEO and Deputy CEO resigned on April 29
The Board of IndusInd Bank has suspected the involvement of some employees in derivatives, micro finance and ‘fraud’. The bank has directed the management to inform the investigating agencies and regulatory authorities to inform the matter. The board of directors of the private sector bank took this decision in the meeting held on Wednesday. The meeting approved the financial results of January-March quarter and financial year 2024-25. In the information given to the stock markets, IndusInd Bank said that the board suspects that some employees who played an important role in the bank’s accounts and financial reporting have been involved in the ‘fraud against the bank’ on the basis of a review of the external professional firm with the internal audit report.
What did the bank say in its statement
IndusInd Bank said, “Keeping this in mind, the board has directed to take necessary steps under the law (including informing regulatory authorities and investigative agencies) and to decide the accountability of all persons responsible for these flaws.” IndusInd Bank said that the bank said that the bank showed the appropriate results of the March quarter and the entire financial year, while finalizing the effects of all the discrepancies in the Audit Report while finalizing the finance results of the March quarter and the entire financial year. Is.
Bank’s CEO and Deputy CEO resigned on April 29
In March, the bank reported flaws related to accounts in derivative portfolio, which is estimated to have an adverse effect of about 2.35 percent on the bank’s net assets by December 2024. Subsequently, the bank appointed the external agency PWC to assess the impact on the book, assess flaws at different levels and suggest corrective action. The agency in its report has undergone a negative impact of Rs 1979 crore by June 30, 2024. The bank’s CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned on April 29 after the matter deepened.
With PTI inputs
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