Articles

The pitifully situation in sell-side research is on account of their inability to publicly question or even condemn the management of the companies they cover and expose accounting fraud, mismanagement and mis-governance.

EXECUTIVE SUMMARY. Post the announcement of HDFC Bank’s results, the sell-side rejoiced and the overwhelming majority reaffirmed their bullish stance on the stock, which has handsomely rewarded shareholders in its quarter century of existence. The perennially bullish sell-side has been disregarding the cautions of Daniel Tabbush, one of...

The legal battle concerns the RBI’s instructions to Kotak Mahindra Bank to reduce the promoter holding, and the bank's sharp practices while appearing to comply. By Hemindra Hazari MUMBAI, Maharashtra—A royal legal battle has been going on between Kotak Mahindra Bank (KMB) and the banking regulator, the Reserve Bank of India (RBI), in...

EXECUTIVE SUMMARY. Romesh Sobti, the CEO of Indusind Bank, was recently crowned ‘banker of the year’ by a fawning business media, despite reporting two consecutive years of fudged accounts (FY2016 and FY2017) and putting nearly 8% of the bank’s capital at risk in an ill-advised, unsecured loan to...

HDFC Asset Management Co. (HDFC AMC), promoted by HDFC is in the news for all the wrong reasons, a rare situation for a blue-blooded group which is the darling of institutional investors. The only saving grace is that it is not the only AMC which has been impacted...

The Reserve Bank of India’s (RBI) approval of the selection of Amitabh Chaudhry, the then HDFC Standard Life Insurance Chief Executive Officer (CEO), as the Axis Bank CEO on August 8, 2018, and his taking charge on January 1, 2019, were celebrated by the market. Analysts and...

BANKING  April 10, 2019 The sacked employees feel that they have been given a raw deal, which may have a demoralising impact on the bank's workforce. By Hemindra Hazari On April 1, 2019, the eve of Axis Bank’s 25th anniversary of commencing business, Amitabh Chaudhry, the newly anointed chief executive officer (CEO), announced one of his...

EXECUTIVE SUMMARY. The Indian prime minister’s announcement that India had destroyed a ‘low-earth orbit’ satellite with a missile, and thus joined an elite club, suggests that the ruling party is desperate to deflect the voters’ attention from the dire economic situation in India. This desperation points to a reality...

By Hemindra Hazari Even on their best days, India’s financial newspapers are watchdogs that rarely bark. For the most part, they prefer not to place large companies under the scanner, let alone try and fix accountability on influential promoters and powerful chief executive officers. On March 20, 2019, Business Standard (BS) announced that...

The language used in the writ petition filed by Kotak Mahindra Bank (KMB) in Bombay High Court against the banking regulator should have alarmed shareholders. They would be even more apprehensive if they read the language used by the Reserve Bank of India (RBI) in its reply. That a...