Private sector lender Indusind Bank reported today that his deputy director and executive director Arun Khurana resigned from his position with immediate effect.
“Consideing the Recent Unfortunate Developments, wherein the bank determined an advertisement impact on p & l, on account of incorrect accounting for internal derivative trades, I, Having oversight of the treasury front office function, as the WHO Puty Ceo and a Puty Ceo and a Puty Ceo and a Puty Ceo and Puty and a Puty Ceo and Puty and a Puty Ceo, immediately, “Khurana said in his renunciation letter.
“I would like to sacrifice my help, as it is considered appropriate, in the transition of my responsibilities to guarantee soft delivery,” he said.
Two external agencies pwc and Grant Thornton Had Earlier confirm that after a thorough review, they had found that the bank engagement in irregular internal derivative trade trade practices, which was wouled have an advertisal impact of up to ₹ 2,000 crore on to to to ₹ ₹ ₹ ₹, 000 crore on to ₹, 000 crore on to ₹, 000 crore on to ₹ 000 crore on to ₹ 000 crore on to ₹ 000 crore at ₹ ₹ 000 million rupees to ₹ ₹ 000 million rupees to ₹ ₹ ₹ 000 million rupees in ₹ ₹ 000 million rupees.
On Sunday, the lender said that Grant Thornton has determined the accounting impact of accumulated ads of ₹ 1,956 million rupees as of March 31, which is similar to the amount estimated by PWC in a previous investigation.
According to Grant Thornton, who was appointed to evaluate the root cause of the discrepancies found in the book derived from the lenders, Banco Indusind officials carried out incorrect accounting practices in internal derived operations, especially in case of early profits. The company’s exhaustive report also examined the roles and actions of key employees in this context. The bank had said that he was taking the necessary measures to fix the responsibility of the people responsible for these failures and realine roles and responsibilities of senior management.
In a recent interview with Business lineAshok P Hinduja, president of IIHL (Indusind International Holdings LTD), promoter of Indusind Bank, said the group of promoters was not happy with corporate governance practices in Indusind Bank. However, he said that the promoters are ready to instill new capital in the bank if necessary, as well as the capital of the lender remains is strong and above the regulatory requirements.
Separately, the Audit firm E & and is also helping the Audit Department of Indusind Bank to evaluate certain commercial records in the lender microfinance book. The Bank’s micro loan book stood at ₹ 32,564 million rupees at the end of December, constituting 9 percent or general advances.
Posted on April 28, 2025
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