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Articles Published by Hemindra Hazari

Debate with CRISIL on providing the highest rating of P1+ to Hindustan Lever HLL-3Download
EXECUTIVE SUMMARY. On July 19, 2022, based on a police press release, the media reported (here and here) a major theft in the currency chest of the ICICI Bank branch in Dombivali (near Mumbai). Allegedly, an ICICI Bank employee, on the weekend of July 9- 10, 2022,...
EXECUTIVE SUMMARY. In a bizarre episode which raises critical questions regarding basic norms of corporate governance, Sandeep Parekh, independent director of HDFC Bank, took to Twitter to publicly  comment on the succession issue of the HDFC Bank CEO.  Parekh, a corporate lawyer and former Securities and Exchange...
Hemindra Hazari The media has gone overboard on the government of India’s decision not to give Raghuram Rajan, the Reserve Bank of India (RBI) governor, a second term, and focused on how the government is unable to retain an internationally acclaimed economist. However, now...
Claudius, in Hamlet, noted that “When sorrows come, they come not single spies but in battalions.” He could well have been speaking about the woes of Yes Bank shareholders. The last few months, and in particular November, have been a punch in the gut to...
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....
Even though the government has intervened and installed a new board, the IL&FS saga continues with no resolution in immediate sight. Daily reports of defaults of IL&FS group companies are heightening concerns in the financial market. This is happening in the back drop of the rupee in free fall,...
EXECUTIVE SUMMARY. The Mint newspaper broke a news story on February 15, 2022 exposing how, in June 2019, RBL Bank had disbursed a high-risk loan to Sintex-BAPL. Thereafter Sintex-BAPL lent the bulk of those funds to group company Sintex Industries which enabled it to repay a Rs...
Hemindra Hazari 9 July 2019 On 26 June 2019, confronted with a contempt petition filed in the Supreme Court of India by Right to Information Act, 2005 (RTI) activist, Girish Mittal, the Reserve Bank of India (RBI) finally disclosed the...
EXECUTIVE SUMMARY. Despite reporting a 36% yoy fall in 3QFY2021 net profits and being below consensus estimates, Axis Bank’s share price on January 28, 2021 closed 6% up, while the Nifty-50 declined by 1%. The strong and positive response to the bank’s results was surprising, as Axis...