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News on Medial
IndusInd Bank recommends Borkar & Muzumdar as joint statutory auditor to shareholders after RBI nod
Economic Times
·
2m ago
Medial
IndusInd Bank has recommended the appointment of Borkar & Muzumdar as joint statutory auditors after receiving approval from the Reserve Bank of India. The appointment will be proposed to shareholders in the bank's 31st Annual General Meeting. The bank has been facing challenges, including fraud allegations and accounting lapses. Meanwhile, CEO Sumant Kathpalia has resigned, accepting moral responsibility. Despite difficulties, RBI Governor Sanjay Malhotra noted that IndusInd Bank is currently stabilizing.
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BYJU’S AGM: FY22 Audited Financials Approved, BDO Reappointed As Auditor
Inc42
·
1y ago
Medial
Troubled edtech giant BYJU's stakeholders have approved its financial statements for the fiscal year 2021-22 at their annual general meeting (AGM). The company faced challenges including a lack of funds, layoffs, leadership exits, and conflicts with lenders. The AGM, attended by around 60 shareholders, also saw the reappointment of BDO as the statutory auditor. The audited financial results have finally been approved after delays, resulting in the resignation of previous auditor Deloitte and the departure of three board members. BYJU's has been seeking investors and considering the sale of subsidiaries to repay its $1.2 billion loan.
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Payment banks seek 10% reduction in statutory liquidity ratio, nod to lend
Economic Times
·
1m ago
Medial
Payment banks in India are seeking regulatory changes from the Reserve Bank of India (RBI) to enhance their operational flexibility. They have requested a reduction in the statutory liquidity ratio (SLR) from 75% to improve margins through higher-yielding investments. Additionally, they seek approval to offer loans and raise the deposit limit from ₹2 lakh to ₹5 lakh. These measures aim to improve financial operations and competitiveness within the banking sector.
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IndusInd Bank’s accounting crisis under control, to be resolved soon: RBI Governor Sanjay Malhotra - BusinessToday
Business Today
·
2m ago
Medial
RBI Governor Sanjay Malhotra stated that IndusInd Bank's accounting issues are under control and should be resolved soon, following a SEBI crackdown on former executives for insider trading related to financial discrepancies. IndusInd Bank shares rose 5% after the announcement. Bank officials, including CEO Sumant Kathpalia, allegedly engaged in insider trading, avoiding losses of Rs 19.78 crore. SEBI has banned these individuals from dealing in securities and restricted their financial transactions.
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IndusInd Bank shareholders reject promoters' proposal to induct nominee directors
Economic Times
·
3d ago
Medial
IndusInd Bank shareholders rejected a proposal from its promoters, the Hinduja Group, to appoint two nominee directors to the board, with 54% voting against the move. Although prior approvals from the Reserve Bank of India and the Bank’s Board were obtained, shareholders opposed the amendment required in the Bank's Articles of Association. IndusInd International Holdings Ltd. plans to address the concerns raised. The promoters emphasize their long-standing support for the bank and compliance with regulatory guidelines.
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Trade Spotlight: How should you trade Indian Hotels, Apollo Tyres, RailTel, BSE, Radico Khaitan, and others on Monday?
Money Control
·
55y ago
Medial
The article shares trading ideas for the near term. Barbeque Nation Hospitality, Jindal Poly Films, and BSE are identified as stocks to buy. Rajesh Palviya from Axis Securities recommends buying Barbeque Nation Hospitality with an expected upside of Rs 720-785. Subash Gangadharan from HDFC Securities suggests buying RailTel Corporation of India, Apar Industries, and Radico Khaitan. Osho Krishan from Angel One recommends buying Apollo Tyres, Axis Bank, and The Indian Hotels Company. Jigar S Patel from Anand Rathi suggests buying IndusInd Bank.
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SEBI Probes IndusInd Bank Execs Over 'Egregious Violations'
StartupTalky
·
3m ago
Medial
The Securities and Exchange Board of India (SEBI) is investigating senior management of IndusInd Bank for possible accounting infractions amounting to INR 3,400 crore. The Reserve Bank of India (RBI) will conduct the main probe. IndusInd Bank revealed fraudulent activities impacting balance sheets, microfinance, and derivatives. The bank's financial results for March 2025 were severely affected, reporting a net loss of INR 2,329 crore. The bank faces challenges in restoring investor confidence following executive resignations.
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The Madras high court order that's put RBI in a spot
Livemint
·
1y ago
Medial
The Madras High Court has directed the Reserve Bank of India (RBI) to conduct a comprehensive evaluation of shares and assets in DBS Bank India Ltd and Lakshmi Vilas Bank (LVB) before their merger in November 2020. This order comes after a lawsuit by LVB bondholders and minority shareholders who challenged the write-down of their investments. The court criticized RBI's lack of transparency and failure to protect shareholders' interests. RBI plans to appeal the order in the Supreme Court and is unlikely to comply with it unless overturned.
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SMBC to Seek RBI Nod for Full-Owned Subsidiary Before Yes Bank Stake Deal
StartupTalky
·
3m ago
Medial
Sumitomo Mitsui Banking Corporation (SMBC) plans to seek approval from the Reserve Bank of India (RBI) to establish a fully-owned subsidiary in India. This move is part of their strategy to take over Yes Bank after acquiring a 20% stake from stakeholders, including State Bank of India. SMBC intends to transition from a branch model to a subsidiary model to facilitate this acquisition. They have reportedly received verbal assurance from the RBI regarding controlling interest permissions.
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IndusInd Bank announces exit of Internal Audit Head Jyoti Prasad Ratho
Economic Times
·
1m ago
Medial
IndusInd Bank announced that Jyoti Prasad Ratho, the Head of Internal Audit, has exited from its Senior Management Personnel. This follows a major restructuring of the bank’s leadership and governance structure after recent earnings. The private bank is dealing with past financial issues and the exit of its former CEO. It is employing stringent cost-control measures and is in the process of appointing a new CEO, with recommendations already with the RBI.
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IndusInd Bank appoints Pragati Gondhalekar as Head – Internal Audit, Senior Management Personnel
Economic Times
·
3h ago
Medial
IndusInd Bank has appointed Pragati Gondhalekar as Head of Internal Audit and Senior Management Personnel, starting September 1, 2025. Gondhalekar brings over 27 years of global audit and consulting experience in the financial services sector. Previously, she served as Country Head for Group Audit at Deutsche Bank, and held leadership roles at L&T Financial Services and PwC. She is a Chartered Accountant in India and Canada, a Certified Internal Auditor, and a Certified Public Accountant from the USA.
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