EXECUTIVE SUMMARY. Why is the capital market deliberately overlooking the serious concerns regarding corporate governance in the Kotak Mahindra group? Presumably because the bank has been rewarding shareholders over the years, as well as because of the stature of its founder-CEO, Uday Kotak. The latest issue emerging from the...
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...
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...
EXECUTIVE SUMMARY. Senior executives are rushing for the exit door at Aditya Birla Finance Ltd. (ABFL), the non-bank finance company (NBFC) subsidiary of Aditya Birla Capital (ABC), the holding company for all the financial services business of the Aditya Birla group. Since May 2021, at least five senior officials...
EXECUTIVE SUMMARY. According to the grand theory of capitalism and the free market, competition anoints the customer as king. In the capital market, it is argued that increasing the number of players would improve price discovery, and greater scrutiny of managements’ conduct would discipline them. Thus the market would...
EXECUTIVE SUMMARY. HDFC Bank, India’s largest bank by market capitalisation appears to be the first off the block in demanding resignations from permanent staff at its non-bank finance company (NBFC) subsidiary, HDB Financial Services (HDB FS). While times are indeed difficult, stakeholders in the bank should note the manner...
The RBI’s decision on April 26, 2021 to curtail tenures of bank chief executive officers and executive directors may finally lead to Kotak relinquishing his post at the end of 2023.
Had the Reserve Bank of India (RBI) descended, like Moses, from Mount Sinai, perhaps it would have carried two...
The overriding theme of Axis Bank’s FY2023 annual report (released on June 26, 2023) is “Open, to Win Together”. The catch phrase is reiterated ad nauseam throughout the report. “Open” stands for not only transparency but also inclusiveness: it is “Dil se Open”. “Together” includes its employees: Axis Bank...
EXECUTIVE SUMMARY. Even though Axis Bank reported an impressive growth in net profit, higher than that of its peers, the stock market penalised the bank, as the growth of its business, top line and profit before provisions was lower than that of its peers. The stock market traditionally favours...
EXECUTIVE SUMMARY. The Securities and Exchange Board of India (SEBI)’s order penalising Kotak Mahindra Mutual Fund (Kotak MF), a subsidiary of Kotak Mahindra Bank (KMB) provides an in depth insight normally unavailable to the public on how imprudently investment decisions are taken by so called professionals in marquee firms...
