EXECUTIVE SUMMARY
The Central Bureau of Investigation (CBI), India’s premier federal police investigation agency, finally filed a First Information Report (FIR) and charged Chanda Kochhar, former CEO, ICICI Bank, her husband, Deepak Kochhar and V. N. Dhoot, managing director, Videocon Group, with cheating ICICI Bank in the Rs 32.5 bn Videocon loan...
EXECUTIVE SUMMARY. The Reserve Bank of India’s (RBI) decision to temporarily put a halt to all digital launches of HDFC Bank’s financial products and also cease all new issuances of credit cards by the bank brings to the fore the huge reputational risk on account of the bank ignoring...
EXECUTIVE SUMMARY. On June 14, 2019, Tech Mahindra joined the ranks of Tata Global Beverages, Ambuja Cement and Dr Reddy’s in appointing Shikha Sharma as an independent director. Private equity firm KKR had also appointed Sharma as an adviser for their alternative investments. The irony of publicly-owned and listed...
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...
EXECUTIVE SUMMARY. The capital markets continue to reward private sector banks with rich valuations, benefitting shareholders. But larger stakeholders such as bank customers are registering a steep increase in complaints to the banks’ ombudsman. For the year July 1, 2019 to June 30, 2020, customer complaints (per branch and...
Toxic work culture is rife in the Indian financial sector and it is rare for senior executive management to acknowledge abusive behaviour by managers. It was therefore a surprise when Sashidhar Jagdishan, the Chief Executive Officer (CEO), HDFC Bank publicly acknowledged it in the bank’s FY2023 annual report by...
On May 12, 2017, Yes Bank, released its annual report for the year ended March 31, 2017 where the Reserve Bank of India’s (RBI) mandatory disclosure showed that for the year ended March 31, 2016, the bank’s gross non-performing assets (NPAs) was higher by 5.6x to Rs49.3bn instead of...
Kotak Mahindra Bank (KMB) sent the following response to this analyst’s article, “KMB Talks of “Highest Standards of Corporate Governance”, But Avoids Telling Shareholders about Adverse SEBI Orders against Executive Director” (dated August 3, 2022; it was later released to the general public as well, on grounds of public...
EXECUTIVE SUMMARY. In a significant set-back, Yes Bank reported that its accounts for FY2019 were fudged: the banking regulator had detected under-reporting of non-performing loans and credit costs and over-stating of profits by the bank. This development is disturbing, as it undermines the credibility of Ravneet Gill, the new...
EXECUTIVE SUMMARY. At a time when the economic environment is very volatile, and HDFC Bank’s share price has seen an unexpected slump, comes news of another bizarre corporate governance episode. Once more this paints a sorry picture of the board of India’s number 1 bank by market capitalisation, and...
