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COMPILER’S NOTE
In the last few months, a large bank in the private sector has been in the news for alleged management-driven ‘improper’ entries passed in the books to overstate incomes and understate liabilities. Several internal reviews were carried out, and external agencies were appointed to investigate these allegations. The new management also gave impact on these ‘improper’ entries in the financial statements, which were then adopted by the Board of Directors.
Given below are disclosures in the financial statements and the report of the joint auditors for the same.
INDUSIND BANK LIMITED (YEAR ENDED 31ST MARCH 2025)
From Notes forming part of the Standalone Financial Statements
Note 17: Significant Matters and its impact
1. On March 10, 2025, the Bank filed a disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 stating that it had, during an internal review of process relating to other assets and other liabilities of derivative portfolio, noted discrepancies in these account balances, consequent to which an external firm appointed by the management had carried out an independent review to validate its internal findings. On M
