India’s private sector banks were held up for years as the standard of efficency and corporate governance to which public sector banks should aspire. But now it emerges that private bank after private bank has in fact been harbouring bad debts, fudged accounts, corrupt deals, gross mismanagement, overly paid CEOs and...
The now-beleaguered and much-derided Infrastructure Leasing & Financial Services Limited (IL&FS) holds its annual general meeting on September 29. IL&FS has a handful of major shareholders who, like Kumbakarna of Ramayana fame, were in deep slumber through the long night of mismanagement, and it remains to be seen whether these same shareholders display...
In response to the Reserve Bank of India’s (RBI) directive to Yes Bank to replace the present CEO-promoter Rana Kapoor by January 31, 2019, the bank’s share price fell a stunning 29% on September 21, and Rs 20,937 crores of market capitalisation went up in smoke.
The RBI’s directive is...
By
Hemindra Hazari
Even in a season of corporate misgovernance, scams and lack of any CEO-level and board-level accountability, a new leviathan of misgovernance threatens to dwarf the rest.
Emerging from the murky depths – where it seems to have flourished, largely unreported on by the media, financial analysts and even the...
The bank’s promoter-cum-CEO and its board of directors have not understood the letter and spirit of an important banking rule, but have instead sought to take it as a starting point for negotiation.
Uday Kotak. Credit: Reuters
Hemindra HazariBANKING17/AUG/2018
In an indictment of Kotak Mahindra Bank (KMB) and its promoter-CEO, Uday Kotak,...
Axis Bank is back in the spotlight for rewarding senior management for a disastrous performance. It was a year in which profits and profitability collapsed with the souring of corporate loans, the regulator penalised the bank for fudged accounts, the share price stagnated and no dividend was declared. Yet...
One might think that the ICICI Bank board, worried at the beating its image has taken in recent months, might try to restore public confidence by selecting an impeccable stand-in for its CEO-under-investigation. But, true to form, the board has selected a gentleman in whose tenure as CEO, ICICI...
In an earlier insight, More Transparency Was Expected From HDFC Regarding Its Reliance Naval Exposure, on April 19, 2018, this writer had cautioned that RNE was a problem account in the industry and that most banks in the consortium would be classifying the account as a NPA.
On April...
It seems miracles
do happen. The lame walk, the dying return to life, the blind see – well, maybe
not the last, if they are sell-side analysts and the business media, in which
case they keep their eyes closed for life. Had they attempted a close analysis
of Yes Bank’s 4QFY2018 results, they...
In a stunning blow to the credibility of Indusind Bank, its board of directors, Ramesh Sobti, chief executive officer and Russell I Parera, auditor and partner, Price Waterhouse, the bank reported that it had mis-reported its accounts for the year ended March 31, 2017. This was its second consecutive...
