Mahindra Finance hold up Board Meeting due to fraud detected
Investigations are underway, and necessary corrective actions have been identified and are at various stages of implementation, including the arrest of a few persons involved.
New Delhi: The Mumbai headquartered non-banking financial company, Mahindra & Mahindra Financial Services Limited announced that the company has detected fraud in its North East Branch due to which the company has delayed its fourth quarter result for the financial year ended 31st March 2024.
Mahindra Finance in its BSE filing mentioned that, "We hereby inform you that during the end of 4th quarter of the financial year ended 31st March 2024, a fraud was detected at one of Company’s branches in the North East. In respect of retail vehicle loans disbursed by the Company the fraud involved forgery of KYC documents leading to embezzlement of Company funds. The investigations in the matter are at an advanced stage. The Company estimates that the financial impact of this fraud is unlikely to exceed Rs.150 Crores.
Read Also : WAPCOS CMD conferred with PSU Samarpan AwardInvestigations are underway, and necessary corrective actions have been identified and are at various stages of implementation, including the arrest of a few persons involved. Submission as required under Regulation 30 of Securities Exchange and Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been made separately."
Read Also : DVC inks MoU with National Power Training InstituteSeeing this whole matter, the agenda matters pertaining to approval of the audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended 31st March 2024, recommendation of dividend, AGM and related matters, which were to be considered at the Board meeting scheduled to be held on 23rd April 2024, are being deferred to a later date, which shall be intimated in due course.
The Audit Committee and the Board Meeting scheduled on 23rd April, 2024 will consider all other matters scheduled to be discussed at the respective meetings, including increase in aggregate borrowing limits and fund raise via issue of Non-convertible debentures.
Read Also : ONGC Ex-CMD Subhash Kumar Joins ACE as Director GeneralNews Must Read
- Sushil Sharma assumes additional charge of CMD, and Director (Personnel) of SJVN Limited
- Coal India Limited Board recommends final dividend, here to know
- Dr. Subhransu Sekhar Acharya assumes charge of NSIC CMD
- CIL reports mixed bag of results for Q4 of FY23-24
- NMDC's Promising Start to FY25, Targets 50 Million Tonnes
- RITES to take assessment for Vande Bharat Trains
- RBI cancels Certificate of Registration of Acemoney (India) Limited due to irregular lending practices
- Coal India Production rises by 7 percent in April
- WAPCOS became second Indian PSU in ADB Consulting
- Power Grid appoints Satyaprakash Dash as CS and Compliance Officer