Under a cloud of fraud
May 22 was indeed a grim day for 76-year-old Ashok P. Hinduja, chairman of IndusInd International Holdings Ltd (IIHL) and promoter of IndusInd Bank. For the first time in nearly two decades, the bank reported a quarterly net loss—an alarming Rs 2,328 crore. The causes: accounting discrepancies, suspected fraud and mounting stress in its microfinance portfolio. Spooked investors sent the bank's shares tumbling. Both CEO Sumant Kathpalia and deputy CEO Arun Khurana had stepped down in April. On May 28, the Securities and Exchange Board of India (Sebi) passed an interim order against the duo over alleged insider trading, restraining them from accessing the securities market. Six days before, Sebi chief Tuhin Pandey had said the matter was actually 'RBI's remit'—the central bank was already on the case since March. Sebi would concern itself only 'if there are any egregious violations by anyone', Pandey said. Subsequent events imply something on those lines may have indeed gone on.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
41 minutes ago
- Time of India
Panaji Residency: Rs 22L curtains offered for ‘posh' Delta guests
Panaji: Delta Corp Ltd, which had a corporate tie-up with the Goa Tourism Development Corporation (GTDC) for Panaji Residency until March 31, approached the corporation to renew the contract. Delta Corp assured the GTDC of consistent occupancy with an approximate payout of Rs 3 crore per year. Delta Corp said that it could utilise a minimum of 6,000 room nights per year at Panaji Residency, translating to Rs 30 lakh of turnover per month. The GTDC's board agreed to renew the corporate tie-up. The GTDC had executed a MoU with Delta Corp Ltd for the period from April 1, 2022, to March 31, 2025. Given that Delta Corp will bring in 'high profile guests', an inspection of the GTDC-owned property found that the curtains need replacement. The GTDC offered to replace the curtains in 45 rooms at the Panaji Residency at a cost of Rs 22 lakh. Delta Corp operates four offshore casinos in the Mandovi under the Deltin brand. The GTDC's Panaji Residency is a stone's throw from the Captain of Ports jetty, where the casinos have offices. 'It is important to maintain high standards of aesthetics to match the expectations of the high profile guests who are staying through the corporate tie-up of Delta Corp Ltd, which is generating assured revenue and occupancy at the Panaji Residency. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Switch to UnionBank Rewards Card UnionBank Credit Card Apply Now Undo The financial implication is Rs 22 lakh, excluding GST,' said the note submitted to the board. The GTDC, which has Ganesh Gaonkar as the chairman, asked the Goa Handicrafts Rural & Small Scale Industries Development Corporation (GHRSSIDC) to provide rates from empanelled vendors to replace the old curtains and curtain tracks with new ones in 45 rooms. The board agreed to place the order with the GHRSSIDC, a govt-backed body. Pravin Arlekar is the GHRSSIDC chairman. Panaji Residency recently underwent an upgrade, with rooms being painted and fresh wallpaper being fixed.
Time of India
41 minutes ago
- Time of India
JDA engr sentenced to 4-yr imprisonment in graft case
Jodhpur: A court here Saturday sentenced a junior engineer (JEN) of Jodhpur Development Authority (JDA) to four years of rigorous imprisonment in a corruption case. The convict, identified as Kanaram, a resident of Jodhpur, had taken a bribe for granting construction permission in 2016. According to Anti-Corruption Bureau (ACB) public prosecutor Dinesh Tiwari, a complaint had been filed at the agency against Kanaram in Sept 2016 by one Dharmveer Soni stating that Kanaram demanded Rs 5,000 for preparing an inspection report required for the permission of construction. In a trap action executed by the ACB following verification of the complaint, the ACB had caught the engineer red-handed while accepting a bribe of Rs 2,000 from the complainant on Sept 21, 2016. After his arrest, the ACB had filed a chargesheet against the accused. During the hearing in the court, which lasted about nine years, statements of 17 witnesses were recorded and 37 documents were submitted in the court. Based on these evidence and arguments, Special Judge (ACB) Madhusudan Mishra, pronounced Kanaram guilty and sentenced him to three years of imprisonment and a fine of Rs 20,000 under Section 7 of the Prevention of Corruption Act. In addition to this, the court also sentenced him to four years of imprisonment along with another fine of Rs 20,000 under Sections 13(1)(D) and 13(2) of the same Act. If the fine is not paid, he will have to undergo an additional imprisonment of six months for each default.
Time of India
41 minutes ago
- Time of India
Jt director of animal husbandry dept caught taking bribe of 25k
Jhunjhunu: Dr Deepak Agrawal, joint director of animal husbandry department in Sikar, was Saturday caught red-handed by an ACB team from Jaipur taking a bribe of Rs 25,000. Additional SP of ACB Special Unit II Jaipur, Mahavir Sharma, stated that an employee of animal husbandry department had filed a complaint against Dr Agrawal for demanding a bribe. The complainant said Dr Agrawal was harassing him by demanding a monthly bribe and an additional amount for facilitating his transfer to a desired location. Sharma said that Dr Agrawal initially demanded a bribe of Rs 50,000, but the deal was settled at Rs 25,000. After verifying the complaint, the ACB team conducted a trap operation and arrested Dr Agrawal while he was accepting the bribe. Sharma said the complainant had reported that Dr Agrawal used to mark employees absent in the attendance register and subsequently withhold their salaries. He would then demand a monthly bribe to process their salaries. If his demands were not met, he used his influence to transfer employees. Dr Agrawal transferred several employees and was also allegedly given charge as joint director against the rules, Sharma said.
