- IndusInd Bank denied receiving any whistleblower complaint from government authorities
- Shares fell over 3% to Rs 884.05 after reports of alleged governance lapses surfaced
- Complaint reportedly sent to PMO, RBI, SFIO, NFRA over insider trading and audit issues
IndusInd Bank Ltd. said that it has received no communication from the government in regards to reports claiming that a fresh whistleblower complaint had been sent to the Prime Minister's Office on alleged governance lapses.
The bank's clarification comes as its share fell over 3% to a low of Rs 884.05 apiece on Wednesday after the reports surfaced.
"In this regard, we wish to clarify that the Bank has not received the communication from any government or regulatory authority, as referred to in the aforesaid news item, regarding receipt of the captioned whistleblower complaint by them," the bank said in an exchange filing.
According to the report, a whistleblower complaint had been submitted to the Prime Minister's Office, the Reserve Bank of India (RBI), the Serious Fraud Investigation Office (SFIO), the National Financial Reporting Authority (NFRA) and other agencies.
Further, it highlighted that the complaint sought an investigation into alleged insider trading, governance failures and shortcomings in forensic and audit reviews at the bank following the discovery of a Rs 2,000 crore derivatives accounting discrepancy.
To this, the bank responded that all concerns raised in the news item have been duly examined in the past, and appropriate actions have been undertaken.
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IndusInd Bank highlighted that it has also proactively reported certain matters to the relevant authorities and continues to extend full cooperation, in line with its regulatory obligations.
"Further, the Bank has consistently followed established governance and oversight processes in addressing such matters. Any conclusions based on unverified allegations may not present a complete or accurate picture of the matter," the bank remarked.
IndusInd Bank Share Price
The stock closed 1.44% lower at Rs 899.40 apiece on the NSE, this compared to a 0.37% decline in the benchmark Nifty index on Wednesday.
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