Latest news with #IBL
CTV News
4 days ago
- Entertainment
- CTV News
Former MLB star closer records first IBL save against Baycats
Dominican-American professional baseball player Fernando Rodney delivers a pitch for the Hamilton Cardinals during an exhibition game against the London Majors. Fernando Rodney closed things out for the Hamilton Cardinals as they defeated the Barrie Baycats 2-1 at Athletic Kulture Stadium Saturday evening. Rodney, 48, is a three-time MLB All-Star and won a World Series as a member of the Washington Nationals in 2019, his final appearance in the majors. On Saturday, Rodney pitched a 1-2-3 ninth inning with two strikeouts and shot his signature arrow celebration on his way to picking up his first IBL save. He previously recorded 327 saves during his lengthy MLB career, ranking him 19th all-time. The Cardinals swept the Friday-Saturday series against the Baycats in Barrie, winning both by one run and dropping the Baycats to a 1-5 record.
CBC
29-05-2025
- Entertainment
- CBC
Japanese ambidextrous pitcher honoured by Canadian baseball league
While growing up in Japan, Mizuki Akatsuka, who's naturally right-handed, started throwing baseballs with both arms after his dad watched a soccer game and took note of players kicking with both legs. His dad thought it could be an advantage. It wasn't until high school that Akatsuka attempted to "switch pitch" in a game. Fast forward to today, and the 27-year-old continues to pitch with his right and left hands. Switch hitters are common — that's batters who hit from either side of home plate. However, ambidextrous pitchers are extremely rare in baseball. There's only been a handful of people to do it in Major League Baseball (MLB) history. There are specific rules for ambidextrous pitchers. Akatsuka plays for the Chatham-Kent Barnstormers of the Intercounty Baseball League (IBL), and was recently named the league's pitcher of the week. Since coming to North America in 2022 from a Japanese professional league, he's played two seasons in the Frontier League in the U.S., then last year in the IBL with Hamilton. Speaking through a translator, who's also his teammate, Yuri O'Connor Yokoyama, Akatsuka says he doesn't do anything else consistently with both hands, but there was a time he did. "Just to get a better feeling … he did practice eating and writing from his left hand," explained O'Connor Yokoyama. Akatsuka says his velocity is greater with his dominant right hand. He throws the same number of different pitches — four — with both. "Every league he's played in, he has to choose which hand he's going to pitch with and finish the at bat with that hand. Until that rule existed, you were able to switch hands each pitch, so he was practising switching hands each time." Akatsuka uses a customized six-fingered glove, so he can switch it from hand to hand. "Basically, there's like no pinky finger … each side basically has a thumb. It's kind of like thinking of it as if you were to put two gloves on top of each other, stack them on top of each other," said Akatsuka, through translator O'Connor Yokoyama. Akatsuka believes his game and mindset are a better fit in North America, compared to back home. "In Japan, they're very focused on moving as a team, playing as a team and stuff like that. Versus in North America, it's very much individualized, so if you mess up, it's on you. In Japan, if one person messes up, it's on the team." O'Connor Yokoyama, who's also a pitcher on the Barnstormers, says Akatusuka's ability to switch the glove from one hand to the other is smooth — along with his delivery on either side. "If you play catch with him, you don't realize when he switches hands because it looks so natural. Most people, you can tell if they're throwing from the wrong side, but because you can't tell which side is his right side, he'll just suddenly switch and you don't even notice that he's throwing from the other arm. 'Two hands' is 'one of a kind' Akatsuka is "certainly one of a kind," says Harry Muir, the general manager for the Barnstormers. "I have been pitching my entire life with one hand, and that's proven to be hard enough," Muir told CBC News. According to Muir, "Two Hands" — as the team "affectionately" calls him — has fit in well with the organization and is an extremely hard worker who takes his craft seriously. "This guy is good enough to compete in this league with both [arms]," he added.
The Print
29-05-2025
- Business
- The Print
Sebi bans IndusInd Bank former CEO, 4 others from securities mkt for insider trading
The other officials of IndusInd Bank Ltd (IBL) restrained by Sebi are Arun Khurana, who was Executive Director and Deputy CEO at the time of the alleged violation; Sushant Sourav, Head, Treasury Operations; Rohan Jathanna, Head, GMG Operations; and Anil Marco Rao, Chief Administrative Officer (CAO), Consumer Banking Operations. In addition to the market ban, Sebi has impounded Rs 19.78 crore collectively from the five individuals, according to an interim order passed by the regulator. New Delhi, May 28 (PTI) Markets regulator Sebi on Wednesday barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. These senior executives allegedly traded in IndusInd Bank shares while in possession of unpublished price-sensitive information (UPSI) related to discrepancies in account balances of the bank's derivative portfolio. By doing so, they violated insider trading regulations. 'During the preliminary examination conducted by Sebi, on the basis of the evidence collected so far, it is prima facie seen that all noticees traded in the scrip being aware of the UPSI related to the discrepancies and averted/avoided huge losses,' the regulator said in its 32-page order. The case originated from a Master Direction issued by the Reserve Bank of India (RBI), which had a significant operational and financial impact on IndusInd Bank. Sebi noted that the internal team of the bank was aware of the financial implications due to discrepancies in the derivative portfolio and had already begun calculating the impact internally. A preliminary examination revealed that an email dated November 30, 2023, was sent by the Head, Accounts, of the bank to certain employees. This communication cited a figure of Rs 1,749.98 crore as the estimated impact of discrepancies in the derivative portfolio. Further, during the preliminary examination, it is prima facie seen that members of the senior management of IBL including noticees (five officials) were aware of the UPSI related to discrepancies and they had kept constant supervision upon the same. The evidence analysed during the preliminary examination revealed that Noticees traded in the scrip of IBL while being insider, Sebi said. Sebi noted that emails dated December 6, 7, and 8, 2023, referenced a discrepancy of around Rs 1,362 crore, with the final figure of Rs 1,572 crore communicated to certain employees on December 11, 2023. The examination also revealed that figures regarding the discrepancies were not only being tracked internally but were also being prepared for submission to the RBI. Emails circulated on December 16, 2023, March 6, 2024, and May 5, 2024, indicated discrepancy figures of Rs 1,572 crore, Rs 1,776.49 crore, and Rs 2,361.69 crore for the quarters ended September 2023, December 2023, and March 2024, respectively. However, this information was only disclosed to the public via stock exchange filings on March 10, 2025, Sebi noted. It was also noted that senior management insisted on getting these figures validated externally. Accordingly, KPMG was appointed in January 2024, to review the discrepancies identified by the internal team. The preliminary examination revealed that KPMG submitted a figure of Rs 2,093 crore as the negative impact from the discrepancies, covering data till December 31, 2023. In its order, Sebi noted that noticee nos. 1 to 5 (five officials) traded in the scrip of IBL while being insider and accordingly barred them 'from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever, until further orders.' On April 29, CEO Kathpalia and Deputy CEO Khurana resigned from the bank. Following their exit, the IndusInd Bank Board appointed a Committee of Executives to oversee daily operations until a new MD & CEO takes charge or for a period of three months, whichever is earlier. The fraud-hit private sector lender earlier this month reported a Rs 2,329 crore loss for the March quarter, its worst performance ever, as the interim management opted to go for a deep-clean exercise beyond recognising the impact of wrong accounting practices. In the March quarter, the bank took impact of all the irregularities brought to the notice, including a Rs 1,960 crore hit from incorrect recognition of derivative trades, cumulative interest income reversal of Rs 674 crore due to incorrect accounting, disclosed a Rs 172 crore fraud where employees had led it to incorrectly classify the amount as fee income under the microfinance business, set off Rs 595 crore of incorrect manual entries posted as 'Other Assets' and 'Other Liabilities' in the past, and also recognized the higher slippages. The internal audit report of the bank revealed 'involvement of senior Bank officials, including former Key Management Personnel (KMP), in overriding key internal controls'. The bank reported the likely involvement of senior management in the accounting fraud to the Central Government. PTI SP DP MR MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Indian Express
28-05-2025
- Business
- Indian Express
SEBI bans former IndusInd Bank CEO Sumant Kathpalia, four others from markets
The Securities and Exchange Board of India (SEBI) on Wednesday has restrained IndusInd Bank's former managing director and CEO Sumant Kathpalia; ex ED and Deputy CEO Arun Khurana; and three other senior officials from accessing markets for insider trading in the bank's scrip. The other three bank officials who are barred from accessing the markets are Sushant Sourav, Head- Treasury Operations; Rohan Jathanna, Head- GMG Operations; and Anil Marco Rao, Chief Administrative Officer (CAO)- Consumer Banking Operations. All the three officials are currently employed with the bank. The regulator, in an ex-parte interim order, has also ordered to impound bank accounts of all the five individuals to the extent of Rs 19.78 crore earned through alleged trading in the scrip of IndusInd Bank Ltd (IBL) while in possession of unpublished price sensitive information. The matter relates to the disclosure made by the IndusInd Bank on March 10, 2025 in which it informed stock exchanges about discrepancies in its derivative portfolio. The internal review by the bank had estimated an adverse impact of approximately 2.35 per cent of the bank's net worth as of December 2024. The regulator said that it conducted a suo-motu preliminary examination in the matter, after taking cognizance of the significant fall in price of shares of IndusInd Bank Ltd following the bank's disclosure on March 10, 2025 on the platforms of Exchanges. All the five officials of the bank traded in the scrip of IBL while being insider. 'During the preliminary examination conducted by SEBI, on the basis of the evidence collected so far, it is prima facie seen that all Noticees traded in the scrip being aware of the UPSI (unpublished price sensitive information) related to the discrepancies and averted/avoided huge losses,' the regulator said in the order. For the purpose of examination, SEBI considered the period from December 4, 2023 to March 10, 2025 (the date of actual reporting through exchange filing) as the UPSI period. Khurana sold 3,48,500 shares and Kathpalia sold a total quantity of 1,25,500 shares of IndusInd Bank's while being in possession of the UPSI and no shares were bought during the UPSI period. In the same period, Sourav, Jathanna and Rao sold a total quantity of 2,065, 2,000 and 1,000 shares respectively. The UPSI means any information which relates directly or indirectly to a company and which is not generally available but which, upon becoming generally available, is likely to materially affect the price of securities of a company. 'It would be naive to assume that Noticees traded in the scrip of IBL while being in possession of UPSI in a routine manner, when discussions were being carried out related to huge impact of discrepancies on financials of IBL and Noticees were aware of the same,' the order said. The trading done by insiders, while being in possession of UPSI caused notional monetary loss to the innocent investors who did not have free and equal access to the crucial or material information owing to it not being disclosed to them as and when it became available to the company. The order said that Kathpalia was aware about the probable huge impact of the discrepancy in the account balances of the derivative portfolio but the bank failed to classify it as UPSI till March 4, 2025. The order said that through emails dated December 16, 2023, March 6, 2024 and May 5, 2024, figures of discrepancies were Rs 1,572 crore, Rs 1,776.49 crore and Rs 2,361.69 crore for period ending September 2023, December 2023 and March 2024 respectively were circulated amongst the employees of the bank. The bank also appointed an external agency, KPMG, to review the discrepancies. In the review, KPMG gave a figure of Rs 2,093 crore to IBL as the negative impact due to discrepancies till December 31, 2023. However, these figures were neither reported through the exchange platform till March 10, 2025, nor were being classified to be UPSI by IBL till March 4, 2025, the order said. 'UPSI was already in existence on or before December 4, 2023, and discrepancies were being proposed to be submitted to RBI regularly, but UPSI was published/disclosed to the Exchanges only on March 10, 2025, i.e. after a delay of approximately 15 months from the date when the members of the senior management of IBL first came in the knowhow of events, surrounding the discrepancies and the huge impact it was bound to have on financial accounts/balance sheet of IBL,' the order said. Kathpalia and Khurana resigned in April following the disclosure of discrepancies in the bank's derivative portfolio. Hit by losses in the derivative portfolio and weak asset quality, IndusInd Bank Ltd reported a net loss of Rs 2,329 crore for the quarter (Q4) ended March 2025 as against a net profit of Rs 2,349 crore a year ago. It was the first quarterly loss for the bank in 19 years.
Mint
28-05-2025
- Business
- Mint
Sebi bars former IndusInd Bank CEO, four others from market for insider trading
India's capital markets watchdog has cracked down on IndusInd Bank Ltd's (IBL) former managing director and chief executive officer (CEO) Sumant Kathpalia, along with four other senior officials for alleged insider trading, impounding gains of ₹ 19.78 crore and restraining them from trading in securities until further notice. The five executives were issued show-cause notices over allegations of offloading shares while in possession of unpublished price sensitive information (UPSI) related to a massive accounting discrepancy. Apart from Kathpalia, the Securities and Exchange Board of India's (Sebi's) order on Wednesday barred former executive director and deputy CEO Arun Khurana, treasury operations head Sushant Sourav, global markets group (GMG) operations head Rohan Jathanna, and Anil Marco Rao, chief administrative officer of consumer banking operations from the market for alleged insider trading. The saga allegedly began in 2023 after the Reserve Bank of India (RBI) issued a direction requiring banks to follow new valuation norms based on the Institute of Chartered Accountants of India's (ICAI) revised 2021 guidance. IndusInd Bank constituted an internal team on 26 September 2023 to assess the impact of the new norms. According to Sebi's order, it was during this review that 'incorrect accounting treatment of derivative contracts was noticed,' triggering the need to compute potential unreported losses. The examination of the bank's internal emails of November 2023 showed that senior management was fully aware of the discrepancies. The bank informed its executives that the estimated financial impact stood at ₹ 1,749.98 crore. In the 4 December 2023 email, Kathpalia acknowledged the seriousness of the matter, which Sebi identified as the point when the unpublished price sensitive information (UPSI) originated. However, IndusInd classified the information as UPSI only on 4 March 2025 and disclosed it publicly on 10 March 2025—more than 15 months later—via a stock exchange filing. Given IndusInd's net worth of ₹ 65,101.65 crore as of December 2024, this translated into a hit of around ₹ 1,529.88 crore. The impact was immediate: the bank's stock plummeted 27.16% the next trading day, from ₹ 900.60 to ₹ 655.95. Sebi found that the five top executives sold a combined 479,000 shares of IndusInd between December 2023 and March 2025. Notably, none of the executives purchased shares during this period, reinforcing Sebi's view that these were strategic offloads. 'It would be naive to assume that the five individuals traded in the scrip of IBL while being in possession of UPSI in a routine manner, when discussions were being carried out related to huge impact of discrepancies on financials of IBL and the executives were aware of the same," the order authored by Whole Time Member Kamlesh Varshney said. Sebi's investigation also pointed to a systematic failure to recognize and disclose UPSI. The regulator found that the bank had internally computed and circulated rising estimates of losses from derivative discrepancies— ₹ 1,572 crore to ₹ 2,361 crore—and proposed or submitted these to the RBI between December 2023 and May 2024. However, this information was made public only much later, via a stock exchange disclosure on 10 March. Sebi has claimed that IBL has clearly violated the regulations which prohibit trading while in possession of UPSI and require listed companies to ensure timely disclosure of such information. The information about IndusInd Bank's derivative discrepancies was not publicly available before 10 March. When it was finally disclosed after market hours, the stock price fell sharply by over 27% the next day, confirming the material impact of the UPSI. To prevent dissipation of gains, Sebi impounded the notional losses avoided by the five executives amounting to ₹ 19.78 crores collectively. 'The trading done by insiders, while being in possession of UPSI caused notional monetary loss to the innocent investors who did not have free and equal access to the crucial/material information owing to it not being disclosed to them as and when it became available to the Company' the order said. These amounts are directed to be placed in fixed deposits with a lien in Sebi's favour. All five individuals are barred from buying or selling any securities until further notice. 'It is essential that this order is passed to protect the unlawful gains in the form of prevention of losses, getting escaped from regulatory reach', the regulator said. Sebi's detailed investigation into insider trading by the named individuals—as well as other potential suspects—is ongoing, alongside a parallel probe into disclosure lapses and related violations. Meanwhile, the five executives can respond within 21 days and seek a personal hearing.
