IndusInd Bank on Tuesday fire fought the fallout of a Rs 2,100 crore discrepancy in accounting, saying it has enough reserves and capital to cover for it, but the management's assurance failed to arrest the free fall of shares which tanked over 27 per cent on the bourses. IndusInd Bank CEO and managing director Sumant Kathpalia said that the accounting lapse was noted around September-October last year and the bank gave a preliminary update to the RBI about this last week.
IndusInd Bank on Tuesday fire-fought the fallout of a Rs 2,100 crore discrepancy in accounting, saying it has enough reserves and capital to cover for it, but the management's assurance failed to arrest the free fall of shares which tanked over 27 per cent on the bourses.
IndusInd Bank MD and CEO Sumant Kathpalia on Tuesday resigned with immediate effect, taking moral responsibility of accounting lapses in the derivatives portfolio, having financial implication of Rs 1,960 crore to the bank.
While TCS cited evolving business needs and future readiness as reasons, industry experts say the action is a cost-cutting measure aimed at improving operating margins that have remained below the firm's aspirational range despite multiple efforts.
In its notice dated June 2, NBEMS said the exam, conducted for admission to MS, MD and PG diploma courses, has been postponed to arrange for additional test centres and infrastructure.
Think again. Not filing could cost you. Here's who must file, who should, and why it matters. What's more, the deadline to file your ITR has been extended till September 15, 2025
The West Bengal government criticised BCCI's decision to relocate the playoff and final matches of IPL 2025 from Kolkata to Ahmedabad.
Chartered accountants' apex body ICAI may review the financial statements of IndusInd Bank, which is grappling with discrepancies in accounting to the tune of Rs 2,100 crore. The private sector lender, on March 10, disclosed about some discrepancies in its derivatives portfolio which could have an adverse impact of about 2.35 per cent of the bank's net worth as of December 2024 as per its internal review.
Congress leader Rahul Gandhi accused the BJP of rigging the Maharashtra assembly elections and expressed concerns about similar tactics being used in the upcoming Bihar polls. He alleged that the special intensive revision of electoral rolls in Bihar is an attempt to manipulate the election process.
There was much criticism of how South Africa managed to reach the final without playing either Australia and England in the two-year qualifying period.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
IndusInd Bank on Tuesday said global rating agency Moody's has placed the bank's baseline credit assessment (BCA) under review for a possible downgrade. The rating review comes days after IndusInd Bank disclosed a Rs 2,100 crore discrepancy in accounting with an estimated impact of 2.35 per cent of the bank's net worth.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Sources in the Election Commission (EC) rejected claims on Saturday of rigging in last year's Maharashtra Assembly polls and said defaming the poll panel after receiving an unfavourable verdict from the voters is absolutely absurd.
Karnataka has commenced a survey for the sub-classification of Scheduled Castes (SCs) in the state, which will continue until May 17. The exercise, led by a one-man commission headed by retired High Court Judge Justice H N Nagamohan Das, aims to gather empirical data on 101 castes within the SC list and provide clear recommendations on sub-quotas. The survey will be conducted in three phases, with designated camps for those who miss the first phase and online registration for those residing outside their towns. The Supreme Court's August 1, 2024, verdict upholding the constitutionality of sub-classification within SCs provided the legal basis for this initiative. The commission aims to address discrepancies in the status of certain SC castes and provide a comprehensive report within 60 days.
India's mango exports to the US are registering healthy growth, and irradiation operations at a key mango treatment facility in Mumbai have been normalised after a brief disruption due to a data recording error earlier this month, an official said on Tuesday. The Mumbai-based irradiation facility, which handles the highest volume of mangoes destined for the US, faced an issue during the irradiation process conducted on May 8 and 9, 2025.
The DGCA directive called for a series of specific checks before each flight's departure from India, including inspection of fuel parameter monitoring systems, cabin air compressors, and electronic engine control units.
Global Rating agency Moody's on Wednesday said it was reviewing IndusInd Bank's risk management capabilities, and its leadership transition, with the private sector lender grappling with accounting lapses pertaining to its derivatives transactions. "The financial impact of the derivatives losses is quite manageable considering IndusInd Bank's strong capital.
rediffGURU Shekhar Kumar, senior manager, talent acquisition, at the Shri Venkateshwara University in Gajraula, Uttar Pradesh, offers career advice on how to optimise your skills, build your network and make the most of your workplace.
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income.
Rajasthan Police personnel in several districts of the state boycotted Holi celebrations on Saturday to protest their demands, including promotions and removal of salary discrepancies. Former Chief Minister Ashok Gehlot urged the current Chief Minister to intervene and address the police personnel's grievances, while Cabinet Minister Kirodi Lal Meena expressed support for their demands and promised to raise the issue with the government. The police personnel are calling for timely Departmental Promotion Committees (DPCs) meetings, an increase in mess allowance, and other benefits. The boycott highlights the ongoing concerns of police personnel regarding their professional development and financial well-being.
Leader of Opposition in Lok Sabha Rahul Gandhi on Saturday alleged that the 2024 Maharashtra assembly elections were a 'blueprint for rigging democracy' and this 'match-fixing' would next happen in Bihar and 'anywhere the Bharatiya Janata Party is losing'.
'The issue stems from transfer of a player named Jason Cummings from another club two years ago and the training compensation fee. We have completed the payments at the time of signing.'
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
Amid opposition allegations of manipulation of electoral rolls, sources in the Election Commission Monday said the matter related to duplicate voter identity card numbers is a 'legacy issue' with such cards being issued even between 2008 and 2013 when the Bharatiya Janata Party-led National Democratic Alliance was not in power.
The Supreme Court of India has asked petitioners in two Public Interest Litigations (PILs) to make representations to the Election Commission of India (ECI) regarding their demand for uploading polling booth-wise voter turnout data on the ECI website. The PILs, filed by TMC MP Mahua Moitra and NGO Association for Democratic Reforms, seek a direction for the ECI to upload the data within 48 hours of the conclusion of polling in Lok Sabha and assembly elections. The ECI, represented by senior advocate Maninder Singh, expressed willingness to deliberate on the matter and suggested a meeting with the petitioners to address their concerns. The court has adjourned the hearing to the week of July 28.
Ola Electric on Tuesday clarified that its February sales figures reflect genuine customer orders after full payments, and not just preliminary bookings with a token amount, stating that "nearly 90 per cent" of these orders were paid in full at the time of placement. "To be clear, the sales figures for February 2025 represent genuine customer demand backed by financial commitment, not token-amount bookings.
'Bringing it back will help prevent reassessments of the income already disclosed.'
Amid liquidity tightness in the banking system, certificate of deposit (CD) rates topped 8 per cent for some smaller banks, with rates remaining on the higher side for derivatives loss-hit IndusInd Bank. On Thursday, CSB Bank raised Rs 100 crore via one-year CDs at 8.5 per cent, while Utkarsh Small Finance Bank issued three-month CDs at 8.05 per cent to raise Rs 50 crore.
'Whenever the hike in voting percentage is more, the NDA gains more, and when the hike is negligible, the NDA falls.' 'I have established this in UP, Haryana and Jharkhand.'
The case came to light on February 19, when the brothers crashed their car into a pillar along the Eastern Metropolitan Bypass in what appeared to be an attempt to end their lives.
The Congress demanded that the government and the Election Commission come clean on the EVM issue and urged the Supreme Court to take suo motu cognisance of the matter.
The government has revised gold import data, bringing down numbers for November by $5 billion to $9.84 billion, possibly to rectify double accounting of inbound shipments. According to revised data of the commerce ministry arm Directorate General of Commercial Intelligence and Statistics (DGCIS), gold import numbers have been slashed since April 2024, revealing excess imports of about $11.7 billion during the first eight months of 2024-25.
From the Sensex pack, Bajaj Finserv, Mahindra & Mahindra, Axis Bank, Bajaj Finance, Adani Ports, ICICI Bank, Zomato and UltraTech Cement were among the biggest gainers. However, ITC, Nestle, State Bank of India, Reliance Industries, Asian Paints and Tata Consultancy Services were among the laggards.
Pananjay Tiwari, founder and director of Impel Overseas Education, explains how the new changes can impact Indian students who are applying to US universities and those who are already studying in the US.
The Kerala police were the most sensitised to the rights of those arrested while that of Jharkhand and Gujarat the least.
Global brokerage CLSA has lowered its target price for IndusInd Bank from Rs 1,200 to Rs 900 while maintaining an outperform rating on the stock after the private lender disclosed a net worth hit of Rs 1,500 crore due to an accounting gap. The revised price target still implies an upside of 34 per cent from current levels.
The Securities and Exchange Board of India (Sebi) has introduced stricter Key Performance Indicator (KPI) disclosures for initial public offers (IPOs). These new standards, developed in collaboration with industry associations, aim to enhance transparency and provide investors with a clearer understanding of a company's valuation and business performance.
'They refuse to be transparent. They refuse to be accountable.'
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
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