APPOINTMENT LETTERS
Centre, Jharkhand in face-off over DGP
A constitutional standoff is brewing in Jharkhand as the state and central governments clash over the tenure of DGP Anurag Gupta. The Union Home Ministry asserts Gupta's term concluded on April 30th, but the state government insists he remains in office, citing amended state rules that bypass central involvement in DGP selection.
Fake news frenzy post Operation Sindoor; Porter’s unicorn round
Following India’s Operation Sindoor, social media platforms are battling fake content and disinformation. This and more in today’s ETtech Top 5.
Cash discovery row: CJI forwards committee report, Justice Varma's response to President and PM
Chief Justice Sanjiv Khanna has communicated with President Murmu and Prime Minister Modi regarding Justice Yashwant Varma and the inquiry into alleged cash found at his residence. The communication includes the three-member committee's report and Justice Varma's response.
NSE said to seek govt intervention in IPO standoff with Sebi; exchange denies
The National Stock Exchange (NSE) is appealing to India's finance ministry to intervene in its long-delayed IPO process, stalled since 2016 due to regulatory hurdles. NSE is facing a standoff with SEBI over governance concerns and pending legal cases. The exchange questions SEBI's neutrality, citing decisions impacting its business interests, while seeking a 'no objection certificate' for its IPO.
NSE denies complaining government against Sebi's delay in IPO approval
National Stock Exchange denies seeking government help for its IPO. This comes after reports suggested NSE wrote to the finance ministry. NSE clarifies it had no such correspondence in the last 30 months. SEBI's concerns include governance shortfalls. NSE questions SEBI's neutrality and decisions impacting its business. The exchange emphasizes transparency as a key reason for pursuing the IPO.
Book deal drama may end CEO's Union Bank chapter
A Manimekhalai, the MD & CEO of Union Bank of India, faces denial of extension. Allegations of misgovernance are the reason. A controversial book purchase played a key role. The bank bought many copies of Krishnamurthy V Subramanian's book without board approval. This deal and subsequent board objections impacted her extension bid. She will complete her term on June 30.
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Bira brews debt trouble?; Investors’ Ather bonanza
Happy Wednesday! Alcoholic beverage maker B9 Beverages has run into trouble with some debt investors. This and more in today’s ETtech Morning Dispatch.
Union Bank shares fall 4% after Rs 7.25 crore book purchase sparks controversy
Union Bank of India's shares declined following scrutiny over its pre-publication purchase of Krishnamurthy Subramanian's book, 'India@100,' for Rs 7.25 crore. Internal documents revealed bulk orders distributed across various institutions, raising concerns about procedural lapses. An internal investigation and employee union demands highlight the controversy surrounding the expenditure and potential impropriety.
Union Bank faces heat over ?7.25 crore book purchase
Union Bank of India is under scrutiny for purchasing nearly two lakh copies of Krishnamurthy V Subramanian's book, 'India@100,' for ?7.25 crore. The expenditure faced internal opposition, leading to a general manager's suspension and an investigation by KPMG. Employee unions are demanding further inquiry into potential impropriety and wasteful spending, questioning the benefits achieved and procedures followed.
IndusInd accounting lapse row: CEO's exit may point to more issues, hit recovery, margins
IndusInd Bank faces uncertainty as CEO Sumant Kathpalia resigned following a ?1,960-crore loss due to derivatives discrepancies, raising concerns about delayed recovery and business disruptions. Analysts suggest appointing a private-sector banker as the new CEO to navigate challenges in key portfolios like vehicle finance and microfinance. The bank's asset quality is under pressure, with rising non-performing assets.
Panel to run IndusInd Bank till new CEO logs in
Following CEO Sumant Kathpalia's resignation amid derivatives portfolio discrepancies, the RBI has approved IndusInd Bank's interim "committee of executives," including Soumitra Sen and Anil Rao, to manage daily operations. This committee will function under board oversight until a new CEO is appointed or for a maximum of three months.
Assam CM Himanta Biswa Sarma resigns from Gauhati High Court Bar Association amid row over court relocation
Assam Chief Minister Himanta Biswa Sarma resigned from the Gauhati High Court Bar Association due to a conflict of interest regarding the proposed relocation of the court complex. The Bar Association opposes the move to Rangmahal, citing concerns about infrastructure and accessibility.
IndusInd Bank shares tumble 3% after management shakeout
IndusInd Bank faces a leadership crisis as MD & CEO Sumant Kathpalia resigns following accounting discrepancies in its derivatives portfolio, revealed after an independent investigation. The issues, involving incorrect accounting practices, led to a significant adverse impact on the bank's profit and loss account. The RBI had previously limited Kathpalia's tenure extension due to governance concerns.
Harvard antisemitism and Islamophobia task forces find widespread fear, bigotry
Reports reveal Jewish and Muslim students at Harvard faced bigotry and felt shunned for expressing political beliefs amidst campus protests. These reports, prompted by concerns predating the Trump administration, highlight "searing personal accounts" of bias. Harvard plans to enhance dialogue, review policies, and research antisemitism and anti-Muslim bias, while navigating pressure from the Trump administration regarding antisemitism and viewpoint diversity.
What’s behind the CEO resignations in India’s private sector banks?
Several private sector bank CEOs, including those from Yes Bank, RBL Bank, Bandhan Bank, and Tamilnad Mercantile Bank, have resigned amidst controversies. These exits stemmed from issues like underreported NPAs, governance lapses, regulatory scrutiny, and forensic audits. The RBI's intervention and subsequent leadership changes highlight ongoing challenges in maintaining stability and governance within the private banking sector.
Sumant Kathpalia resigns as IndusInd Bank CEO, takes 'moral responsibility' of the derivatives debacle
IndusInd Bank CEO Sumant Kathpalia resigned following the revelation of significant losses linked to misaccounted derivative trades, taking moral responsibility for the lapses. This leadership change comes after his deputy's departure and amid regulatory scrutiny, including RBI penalties and concerns about loan disbursement practices. Kathpalia's tenure, marked by both growth and regulatory challenges, faced repeated tenure adjustments by the RBI.
Inglorious exits of some private sector bank chiefs
Several private sector bank CEOs, including those from Yes Bank, RBL Bank, Bandhan Bank, and Tamilnad Mercantile Bank, have recently resigned amidst controversies. These exits stem from issues like mismanagement, corporate governance failures, regulatory scrutiny, and underreporting of NPAs. The RBI's intervention and forensic audits highlight the challenges faced by these institutions and the subsequent leadership changes.
IndusInd Bank CEO Sumant Kathpalia quits after derivatives discrepancies row
Sumant Kathpalia resigned as MD and CEO of IndusInd Bank. This follows Arun Khurana's departure and RBI concerns. An investigation revealed incorrect accounting practices. These practices impacted the bank's profit and loss account. The impact is estimated at Rs 1,959.98 crore. This also affects the bank's net worth. The RBI had granted Kathpalia a one-year extension only.
AAP appoints Ankush Narang Leader of Opposition in MCD
Ankush Narang is now the Leader of Opposition in the Municipal Corporation of Delhi. The Aam Aadmi Party made the appointment. Saurabh Bharadwaj informed the MCD Secretary of the decision. This follows Raja Iqbal Singh's election as mayor. The BJP now controls 117 seats. AAP holds 113, and Congress has eight councillors. AAP boycotted the mayoral election.
Telecom giants push for seamless connectivity at Noida International Airport without third-party involvement
Top telecom operators Reliance Jio, Vodafone Idea, and Bharti Airtel are seeking approval to jointly deploy in-building solutions (IBS) at Noida International Airport. They aim to provide seamless connectivity without third-party involvement, citing legal authority and technical expertise.
IndusInd Bank shares in focus as Deputy CEO Arun Khurana resigns after derivatives probe
IndusInd Bank shares: In his resignation letter to the Board of Directors, Khurana referred to recent events affecting the bank’s profit and loss account, stemming from the misaccounting of internal derivative trades managed under his supervision in the Treasury Front Office.
New players in UPI sweepstakes; Urban Company’s IPO papers
Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today’s ETtech Morning Dispatch.
IndusInd Bank deputy CEO Arun Khurana quits amid Rs 1,960 crore derivative loss scrutiny
IndusInd Bank's Deputy CEO, Arun Khurana, resigned amidst a Rs 1,959.98 crore loss from misaccounted derivative trades. This follows the bank's announcement of corrective actions against responsible employees and a senior management overhaul. The losses, stemming from incorrect accounting of internal derivative trades, have raised concerns about internal controls and risk management, impacting investor confidence.
IndusInd Bank deputy CEO Arun Khurana resigns after probe confirms discrepancies in derivatives accounting
Arun Khurana, IndusInd Bank's Deputy CEO, resigned immediately following the discovery of incorrect accounting practices related to internal derivative trades under his oversight. An independent investigation revealed a cumulative adverse impact of Rs 1,959.98 crore on the bank's profit and loss. The bank will take action against responsible employees and realign senior management roles.
Dailyhunt parent faces audit heat; Go Digit Q4 results
Audit firm Deloitte has raised multiple red flags over Dailyhunt parent’s internal controls. This and more in today’s ETtech Top 5.
India cites a legal clause for suspending Indus Waters Treaty: What New Delhi told Pakistan
Following the Pahalgam attack, India is suspending the Indus Waters Treaty, citing a "fundamental change of circumstances" and invoking the Vienna Convention. India is exploring legal avenues to exit the World Bank-mediated dispute resolution regarding the Kishanganga and Ratle projects.
India mulls Indus Waters Treaty dispute exit, seeks legal view
India is exploring legal options to exit the Indus Waters Treaty dispute resolution process concerning the Kishanganga and Ratle hydroelectric projects. Citing a "fundamental change of circumstances," India has approached its Attorney General and may notify the Neutral Expert, potentially halting the ongoing mechanism.
India is one of the best countries in world in terms of utilising youth energy: Union Minister Ram Mohan Naidu
Union Minister Ram Mohan Naidu Kinjarapu lauded PM Modi's Rozgar Mela in Visakhapatnam, highlighting its role in connecting youth to the Viksit Bharat 2047 goal. He emphasized India's potential in utilizing youth energy for nation-building, noting the significant reduction in recruitment time under PM Modi's leadership.
'Biggest thing appreciable in development of Indian youth is its inclusivity': PM Modi during Rozgar Mela
Prime Minister Narendra Modi emphasized the inclusivity of Indian youth as crucial for national development while distributing appointment letters to over 51,000 newly appointed government employees. He urged them to contribute to economic growth, internal security, infrastructure development, and the betterment of laborers, highlighting the government's focus on increasing employment and self-employment opportunities.
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