Mahindra Finance detects about ₹150 crore fraud in loan portfolio, defers FY-24 financial results till May 30
The Hindu
Mahindra Finance said it had in March detected about ₹150 crore fraud in its loan portfolio at one of its branches and has postponed finalisation of results for the fourth quarter and also for the financial year till May 30
Mahindra Finance on April 23 said it had in March detected about ₹150 crore fraud in its loan portfolio at one of its branches and has postponed finalisation of results for the fourth quarter and also for the financial year till May 30.
Mahindra & Mahindra Financial Services board was scheduled to meet on Tuesday to approve the financial results for the March quarter and 2023-24 fiscal year.
In a regulatory filing, the company said a the board meeting to consider financial statements, results and dividend for the period ended March 2024 is re-scheduled and will be held on May 30, 2024.
The board of Mahindra & Mahindra Financial Services, which met earlier in the day, approved a hike in borrowing limit to ₹1.30 lakh crore, from ₹1.10 lakh crore currently, and also decided to appoint M M Nissim & Co LLP and M P Chitale & Co as the Joint Statutory auditors of the company for a period of three years.
They will replace Deloitte Haskins & Sells and Mukund M. Chitale & Co upon completion of their 3-year term at the ensuing 34th annual general meeting (AGM) to be held later in the year.
Mahindra Finance said during the end of the fourth quarter of the financial year ended March 31, 2024, a fraud was detected at one of the company's branches in the northeast.
"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 ₹150 crore," Mahindra Finance said.
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
Nissan cuts U.S. production, offers buyouts to workers in global restructuring plan to boost profitability.
Finance Minister Nirmala Sitharaman to present record eighth consecutive Union Budget, focusing on economic growth and middle-class relief.
Deputy Commissioner of Police in Manesar imposes prohibitory orders ahead demonstration by temporary Maruti workers, sparking criticism from labour rights activists.
SoftBank is in talks to invest as much as $25 billion into OpenAI, the Financial Times reported.
Benchmark indices Sensex and Nifty rebounded, led by Bajaj Finance and Bajaj Finserv, despite early losses and FII selling.
Rupee weakens against US dollar due to FED's hawkish outlook, foreign fund outflows, and domestic market trends.
According to the company, the technology, protected by multiple international patents, facilitates the creation of a plastic-to-plastic circular economy, where commonly used plastics such as polyolefin packaging no longer need to be down-cycled, incinerated or landfilled at the end of their life. Instead, they can be continuously recycled in a closed-loop, without any loss of quality.
Meta beat Wall Street expectations for fourth-quarter revenue on Wednesday but predicted sales in the current first quarter may not meet forecasts.
Union Budget 2025: Analysis of Indian economy's growth patterns, fiscal spending, and impact on consumption trends, highlighting need for policy changes.
OpenAI warns of Chinese companies reverse engineering AI models, sparking tensions over intellectual property protection.
NCLT orders inquiry against Byju's resolution professional, restores Aditya Birla Finance as financial creditor, nullifies CoC reconstitution.
U.K. Chancellor Rachel Reeves signals that Britain was not destined to decline, announces a slew of projects and regulatory changes.
The Centre on January 29 urged airlines to maintain ‘reasonable fares’ for devotees making their way to Prayagraj for the ongoing Maha Kumbh. IndiGo said it has slashed down ticket prices by 30% to 50% on flights to and from the pilgrim city.
The Centre on January 29 urged airlines to maintain ‘reasonable fares’ for devotees making their way to Prayagraj for the ongoing Maha Kumbh. IndiGo said it has slashed down ticket prices by 30% to 50% on flights to and from the pilgrim city.
Union Budget 2024 slashes agriculture subsidies, farmers demand MSP implementation, loan waivers, and comprehensive crop insurance in 2025 Budget.
Budget updates: India's Union Budget 1955-56 under Finance Minister C.D. Deshmukh laid the foundation for industrialization and economic growth.
Stock market indices Sensex and Nifty surged nearly 1% on Wednesday, driven by IT, capital goods, and industrial stocks.
Union Cabinet approves higher ex-mill price for ethanol from C heavy molasses, advancing 20% ethanol blending target to 2025-26.