Leadership is
unravelling at Yes Bank and the stock is tanking. In the dark hours of November
14, the bank announced the immediate resignations of Ashok Chawla, its
non-executive, independent chairman, and Vasant Gujarathi, an independent
director and head of its important audit committee. The directors of Yes Bank appear to have
joined the...
The unseemly public jostling between India’s central bank and the government of India casts a poor light on both institutions. Adhering to unrealistic fiscal deficit constraints has compelled the government to plunder public institutions such as the Life Insurance Corporation of India, ONGC and now the Reserve Bank of...
Romesh Sobti, CEO, Indusind Bank, is a veteran banker with 43 years’ experience. He recently went on record to defend the bank’s substantial bridge loan to the fast-collapsing IL&FS, a systemically important non-deposit-taking core investment company. Sadly, he found this writer’s earlier insight on Indusind to be “nasty” and...
Indusind Bank, one of the stock market darlings and foreign investor
favourites, startled the capital market with a mere 5% rise in net earnings.
Earnings rose to Rs 9.2 bn for the quarter ended September 30, 2018 (2QFY2019),
as compared with the consensus estimate of Rs 11 bn. This was on account...
The quality and intellectual calibre of the former directors of insolvent IL&FS was revealed to all when an anonymous former director and ex-member of its risk management committee of the board went on record with a Business Standard journalist to justify the incompetence of the board. Such conduct may...
Sunlight is said to be
the best disinfectant; it is also considered fatal for vampires. Whatever be
the reason, the ICICI Bank board has decided to take no chances of the
slightest ray falling on its murky recesses. It has appointed a complete
insider to replace Chanda Kochhar, the bank’s CEO-under-investigation.
Ms Kochhar, who...
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...
