INTERNATIONAL ACCOUNTING STANDARDS BOARD
Bengaluru man accidentally receives Rs 50,000. Two years later, it helps a young girl score 97% in boards. Internet is divided
When an accidental bank transfer of Rs 50,000 landed in Chinmay Hegde's account, it unveiled a struggling family's plight. Moved by their situation, Chinmay not only returned the money but also inspired his father to fund the education of Rizwan's sister. This act of kindness culminated in the girl achieving a remarkable 97% in her board exams, transforming their lives.
Faceless GST system needed; Rs 80,000 cr GST dues must be resolved: Delhi CM Rekha Gupta
Delhi Chief Minister Rekha Gupta advocated for a "faceless" and transparent GST system, noting that Rs 80,000 crore in GST dues are pending due to disputes. She urged GST officers to avoid summoning businessmen already appearing in court and praised Chartered Accountants for their role in resolving tax disputes and boosting economic growth.
Berkshire shareholders head to Buffett's 60th annual meeting, economy top of mind
Warren Buffett will conduct Berkshire Hathaway's annual meeting. Investors are eager to hear his views on the economy. This is especially regarding President Trump's tariff policies. Berkshire's diverse businesses mirror the U.S. economy. Buffett's thoughts on tariffs and his large cash holdings are of interest. The meeting will also address Berkshire's future leadership and shareholder proposals.
ICAI likely to complete review of Gensol Engg, BluSmart Mobility's fin statements in 6 months
ICAI is set to finalize its review of Gensol Engineering and BluSmart Mobility's financial statements for FY24 within six months, following regulatory scrutiny. Gensol Engineering's promoters face allegations of fund diversion and governance failures, leading to Sebi action. The review will assess compliance with accounting standards and could lead to disciplinary action if irregularities are found.
Drones bomb aid ship bound for Gaza; NGO blames Israel
A ship carrying aid to Gaza was bombed by drones off Malta. The Freedom Flotilla Coalition alleges Israel is responsible. Turkiye reports its citizens were on board. They condemned the attack. Greta Thunberg was scheduled to board the ship. Video footage shows a fire on the ship. The Maltese government confirmed the incident. Aid supplies in Gaza are dwindling.
There is a crisis of confidence at IndusInd Bank. Should investors hit the panic button?
IndusInd Bank faces a crisis after its CEO resigned due to accounting irregularities. A loss of Rupees 1,959 crore was unearthed in internal derivative trades. Concerns arise about corporate governance standards. The stock value declined post disclosures. The RBI approved an interim team to manage operations. Investors worry about undisclosed risks in the microfinance portfolio.
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Sebi's big ask baffles credit rating agencies
SEBI is pushing credit rating agencies to increase their oversight of companies seeking equity funding, aiming to prevent misuse of funds and deter dubious firms. The regulator wants CRAs to assess the justification for equity offerings and scrutinize fund utilization beyond standard audits.
IndusInd Bank crisis: CEO exits after Rs 1,959 crore loss disclosure - How bad is it?
IndusInd Bank faces turmoil as CEO Sumant Kathpalia resigns after the bank absorbs significant losses from incorrect accounting practices in its derivatives book. The discrepancies, revealed in March, raised concerns about corporate governance and audit oversight.
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.
NSDC International to provide technical expertise on skilling to Saudi Arabia-based Takamol Holding
NSDC International partners with Saudi Arabia's Takamol Holding to enhance workforce readiness through the Skill Accelerator Program. NSDCI will offer expertise in skilling strategies, workforce analytics, and curriculum development, aligning with Saudi Vision 2030. The collaboration aims to improve employability for both Saudi nationals and expatriates, establishing global standard skill verification.
IndusInd Bank constitutes committee of executives to run bank following CEO's resignation
Following CEO Sumant Kathpalia's resignation over a Rs 1,960 crore derivatives portfolio accounting lapse, IndusInd Bank's board has formed a 'committee of executives' to oversee operations. Approved by the RBI, this committee will function under the board's oversight until a new CEO is appointed or for three months.
IndusInd Bank remains fundamentally strong despite top management exit: Ashvin Parekh
There is absolutely no question about the future of the bank. However, it is a good important lesson for all the financial institutions and the bank has certainly suffered. It suffered a huge market cap loss also. But then, of course, there is a big lesson for the institutions as well.
All about Sumant Kathpalia, who resigned from IndusInd Bank amid derivatives discrepancies row
Sumant Kathpalia, IndusInd Bank's MD and CEO, resigned amidst a derivatives portfolio controversy. The resignation follows the bank's disclosure of potential losses impacting its net worth due to incorrect accounting of internal derivative trades. Kathpalia took moral responsibility for the discrepancies, which led to distorted financials.
StanChart says clarity on India’s green rules will boost deals
India may face challenges in achieving its green targets. This is due to the absence of a clear taxonomy framework. Standard Chartered suggests this framework is crucial for defining climate finance.
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.
RBI approves executive committee to oversee IndusInd Bank operations following CEO Sumant Kathpalia's exit
The Reserve Bank of India has approved an interim executive committee to manage IndusInd Bank in the absence of its CEO. Senior executives Soumitra Sen and Anil Rao will oversee day-to-day operations under the guidance of a board-led committee, according to the bank’s regulatory filing issued on Wednesday.
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.
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.
Dailyhunt parent VerSe’s internal controls inadequate, says Deloitte audit
Deloitte has flagged internal control deficiencies at VerSe Innovation that could potentially lead to material misstatements in aspects such as the company’s trade payables and operating expenses. Despite the adverse observations, Deloitte issued a “true and fair” view of the company’s FY24 consolidated financial statements, providing a clean audit opinion on its financials.
U.S. accounting firms tap India to alleviate talent crunch
U.S. accounting firms are increasingly turning to India to address a critical shortage of accountants at home. This surge in recruitment is boosting enrollment in specialized commerce courses in India, potentially establishing the country as a hub for accounting talent. Firms like RSM US and Moss Adams are expanding their Indian operations, mirroring the tech industry's outsourcing boom.
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.
IndusInd may slip into red in Q4 on derivative losses
On Sunday evening, IndusInd confirmed it would fully absorb the derivatives-related loss this quarter, following the conclusion of a board-mandated investigation into accounting irregularities in internal derivative transactions.
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.
Leaders, uninterrupted: Work and learn via UWA Global MBA with IIM Kozhikode certification
The UWA Global MBA with IIM Kozhikode certification offers an opportunity to upskill without stepping away from your career. This dual-accredited MBA program promises a world-class curriculum from two globally respected institutions, tailored for mid to senior-level professionals looking to stay ahead of the growth curve. Here are its key advantages and a guide on how to apply.
How to get proof of financial support for your Canadian study permit
International students aiming to study in Canada must provide adequate proof of financial support to secure a study permit. A Guaranteed Investment Certificate (GIC) from a Canadian bank is a reliable option, ensuring students have sufficient funds for tuition and living expenses. ApplyBoard partners with banks like RBC and TD to simplify the GIC application process.
IndusInd to provide for Rs 1,960 cr losses in Q4, to take action against staff
Appointed firm submitted its report on April 26, determining that the cumulative adverse impact on the bank's profit and loss account stood at ?1,959.98 crore as of March 31, 2025, in line with earlier estimates disclosed on April 15.
IndusInd Bank to fix accountability, book Rs 1,960 cr loss in Q4 after derivatives probe
IndusInd Bank will penalize employees for lapses in its derivatives portfolio and reorganize senior management roles to enhance accountability. The bank will absorb a Rs 1,959.98 crore loss due to incorrect accounting in the March 2025 quarter. An independent probe revealed errors in internal derivative trades, leading to inflated profits and distorted financials.
IndusInd Bank shares in focus after clarification on engagement of EY for forensic audit
IndusInd Bank shares: The board of IndusInd Bank has engaged global professional services firm EY to conduct a second forensic audit. This audit aims to probe a Rs 600 crore discrepancy concerning the accrual of interest income within the bank’s microfinance portfolio.
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