8 months ago
IndusInd Bank Faces SFIO Probe
Several Indian companies have announced significant developments.
IndusInd Bank is facing a probe by the Serious Fraud Investigation Office (SFIO) over internal trading and accounting issues.
Castrol India is set to have up to 26% of its stake acquired through an open offer.
KNR Constructions sold its stake in four road projects for over ₹1,500 crore.
Vodafone Idea received GST penalty orders totaling over ₹83 crore.
NBCC will develop a project in Mumbai.
J.K. Cement won a limestone block in Rajasthan.
Ola Electric received incentives under the PLI scheme.
Lenskart invested in a South Korean optical machinery firm.
Supreme Industries secured a repeat order from BPCL for LPG cylinders.
SEAMEC's vessel will work on a pipeline project.
Gujarat Gas announced a leadership change.
Panacea Biotech's vaccine contract with UNICEF was increased.
Strides Pharma Science passed a USFDA inspection.
UltraTech Cement expanded its production capacity.
IndusInd Bank is under SFIO probe for internal derivative trades and accounting issues.
Castrol India faces an open offer to acquire 26% stake at ₹194.04 per share.
KNR Constructions sold 100% stake in four road SPVs for ₹1,543.19 crore.
Vodafone Idea received GST penalty orders totaling over ₹83 crore.
NBCC to develop CGO Complex in Mumbai under an MoU with Mumbai Port Authority.
- Who
- IndusInd Bank, SFIO, Castrol India, KNR Constructions, Vodafone Idea, NBCC, Ola Electric, Lenskart Solutions, Supreme Industries Ltd, SEAMEC, Gujarat Gas, Panacea Biotech, Strides Pharma Science, UltraTech Cement
- What
- Corporate developments including probes, acquisitions, stake sales, penalties, project developments, contract wins, and leadership changes
- Where
- India, with specific locations including Mumbai, Bengaluru, Rajasthan, Maharashtra, and South Korea
- When
- Various dates mentioned, including specific future dates for resignations and contract allocations
- Why
- Various reasons including regulatory requirements, business expansions, contract wins, and leadership transitions
Regulatory Action
Corporate Response
Investigation
Regulatory Action
SFIO is investigating IndusInd Bank for irregularities in its derivatives trading portfolio, which may impact the bank's share price.
Corporate Response
IndusInd Bank is cooperating fully with the investigation and has informed stock exchanges about the probe.
Key facts
- IndusInd Bank
- SFIO probe over derivative trades and accounting issues
- Castrol India
- Open offer to acquire 26% stake at ₹194.04 per share
- KNR Constructions
- Sold 100% stake in four road SPVs for ₹1,543.19 crore
- Vodafone Idea
- Received GST penalty orders totaling over ₹83 crore
- NBCC
- Signed MoU to develop CGO Complex in Mumbai
- Ola Electric
- Sanctioned ₹366.78 crore in PLI incentives for FY25
- Lenskart Solutions
- Invested ₹186 million in South Korea’s iiNeer Corp. Ltd.
- Supreme Industries Ltd
- BPCL order for 2 lakh 10-kg LPG cylinders worth ₹54 crore
- SEAMEC
- Vessel SEAMEC III to work on Pipeline Replacement Project
- Gujarat Gas
- Milind Torawane to resign as MD, Avantika Singh Aulakh appointed
- Panacea Biotech
- UNICEF increased pentavalent vaccine contract to $16.8 million for 2026
- Strides Pharma Science
- USFDA completed routine cGMP inspection at US facility
- UltraTech Cement
- Commissioned 1.8 mtpa additional capacity in Maharashtra and Rajasthan
Timeline
Whistleblower sparks probe into IndusInd's books.
Fraud found, bank's first loss in 19 years, top execs resign.
SFIO investigates internal trading, accounting issues.
Quotes
Ponmudi R
Chief Executive Officer at Enrich Money
“While the medium-term structural outlook for Indian markets remains constructive, thin liquidity conditions and year-end book squaring are likely to cap sharp directional moves in the near term.”
livemint.com
Sources
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