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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
As the private lender reeled from serial scandals, Hinduja insisted he was merely a shareholder. Board-level links, conflicts of interest and regulatory blind spots suggest otherwise.
At the height of IndusInd Bank’s hedging crisis last March, as scrutiny mounted and the lender’s troubles spilled into public view, Ashok Hinduja came out with a public statement. The chairman of IndusInd International Holdings Ltd, the bank’s promoter entity, insisted he had been in the dark—unaware of what had gone wrong at the bank through a succession of crises. Responsibility, he suggested, lay squarely with the executive management. For a promoter without a formal seat on the bank’s board, the claim had a ring of plausibility.
Now IndusInd Bank has, over the past four years, lurched from one …
The acquisition of IDBI Bank puts his Fairfax smack dab in the middle of the RBI’s rules on bank ownership. It must now decide whether to sell CSB Bank or merge the two lenders, neither of which will be easy.
Once seen as a threat, global capability centres appear to be becoming a potential growth driver for the country’s IT giants.
Lenders stand to gain a lot more than borrowers in the current challenging market environment
