Mumbai, March 24 (IANS) Largest private lender HDFC Bank said its Board has approved the appointment of external law firms, both domestic and international, to review the resignation letter of former part-time Chairman and Independent Director, Atanu Chakraborty, in a move aimed at reinforcing governance standards.The decision was made at a Board meeting on March 23, with the law firms tasked with reviewing the contents of Chakraborty’s resignation and submitting their report within a reasonab…
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Srinagar, March 23 (IANS) Enforcement Directorate (ED) zonal office in J&K’s Srinagar said on Monday that it has provisionally attached Rs 16,86 465 as proceeds of crime generated through deception of innocent victims through so-called digital arrest. A press release by ED said that the Directorate of Enforcement (ED), Srinagar Zonal Office, has provisionally attached Proceeds of Crime amounting to Rs. 16,86,465/- under the provisions of the Prevention of Money Laundering Act (PMLA), 20…
Mumbai, March 23 (IANS) Domestic equity benchmarks opened the week sharply lower on Monday as escalating tensions in West Asia and surging crude oil prices weighed on investors’ sentiment. Sensex fell 1,555.62 points or 2.08 per cent to 72,977.34 in early trade, while Nifty declined 479.95 points or 2.07 per cent to 22,634.55.Sector-wise, metal, PSU bank and auto indices led the decline, falling up to 3 per cent in early trade. Stocks such as Tata Steel, Hindalco Industries, HDFC Bank, JSW Steel…
Mumbai, March 22 (IANS) HDFC Bank emerged as the biggest loser among India’s most-valued companies last week, with its market valuation plunging by over Rs 56,000 crore, even as the broader stock market remained largely flat with a negative bias.India’s equity markets witnessed a cautious week, with five of the top-10 most-valued companies together losing over Rs 1 lakh crore in market capitalisation.The decline was led by HDFC Bank, whose valuation dropped sharply by Rs 56,124.48 crore to R…
Mumbai, March 19 (IANS) HDFC Bank CEO Sashidhar Jagdishan on Thursday said former Chairman Atanu Chakraborty was asked by the board to reconsider his resignation and explain the ethics-related concerns he raised, but he chose not to do so.Speaking to reporters after the development, Jagdishan said that every board member had tried to persuade Chakraborty to either withdraw his resignation or provide more details about the issues mentioned in his letter.”The board also requested him to reconsider…
Mumbai, March 19 (IANS) As the Reserve Bank of India (RBI) approved the appointment of veteran banker Keki Mistry as the interim part-time Chairman of HDFC Bank for a period of three months, effective March 19, the bank held a conference call with analysts. During the interaction, Mistry said he accepted the role as it aligned with his personal values and principles. “At 71, I would not have taken up this responsibility if it did not align with my values and principles,” he said.He added that th…
New Delhi, March 19 (IANS) The Reserve Bank of India (RBI) on Thursday said that HDFC Bank is a Domestic Systemically Important Bank (D-SIB) with sound financials, professionally run board and competent management team, after the resignation of part-time chairman Atanu Chakraborty over alleged “ethical differences” in one of the biggest private lenders.The Central Bank said in a statement that it has taken note of the recent developments in HDFC Bank. “A transition arrangement as requested…
Mumbai, March 19 (IANS) India’s largest lender HDFC Bank’s equities came under sharp selling pressure globally on Thursday, with its American Depositary Receipts (ADR) plunging 8 per cent to $26.42 from the previous close of $28.71.In the domestic market, shares of the country’s largest private lender were among the top laggards, falling as much as 8.66 per cent to hit an intraday low of Rs 770, compared to the previous close of Rs 843.The decline comes amid a key management development, as HD…
Mumbai, March 19 (IANS) Indian equity markets opened sharply lower on Thursday, tracking weak global cues as escalating geopolitical tensions in the Middle East triggered a surge in crude oil prices.Sensex plunged 1,953 points or 2.55 per cent to 74,750, while Nifty also witnessed heavy selling pressure, declining 580 points or about 2.4 per cent, before recovering a bit in early trade.Among stocks, HDFC Bank, Shriram Finance, Larsen & Toubro (L&T), TMPV, Axis Bank, HDFC Life and IndiGo …
Bhopal, March 18 (IANS) The Enforcement Directorate (ED), Bhopal Zonal Office, has provisionally attached 11 immovable properties worth Rs 20.59 crore belonging to M/s Jayshri Gayatri Food Products Pvt Ltd and its Managing Director, Kishan Modi, under the Prevention of Money Laundering Act (PMLA), 2002.The attachment order was issued following an ongoing money laundering probe linked to the manufacture, supply and export of adulterated dairy products.The company, which markets its products under…