Sign Maryland Banking Resignation Letter Myself

Industry sign banking maryland resignation letter myself

hello everyone you must be aware of several fraud cases happening in the banking sector so this is a video based on one of them that is ICS a bank fraud case study first gender culture in God this is prepared and presented by Ashoka I hope that at the end of this video many of your doubts would be cleared so to understand the case first we should have got clear image of the back that is its history and current position therefore some facts related to it are it is an Indian multinational banking and financial services company which is headquartered in Mumbai and is officially registered in Vetrov originally it was established as a wholly owned subsidiary of industrial credit & Investment Corporation of India in 1994 investment banking insurance services venture capital etcetera are some of its basic functioning it stands as the second largest bank in India in terms of assets and market capitalisation during 2018 and assets were reported to be valued around 12.45 zero trillion and June 19 and has a wide network of five thousand two hundred and seventy five branches and fifteen thousand five hundred and eighty-nine ATMs across India from the previous slide it is quite clear that I say say Bank is a well-managed banking institution then how come such a huge part took place there to clear this let's discuss the series of events related to this case which are as follows during 2008-2009 as you can see in the image the joint venture named new car was founded by the pop culture and when you go paru so who they are HIPPA culture is the husband of Chanda Kochhar who took place as I say say Bank MD and see you in the same envelope our booth is the promoter of video Pongal both of them held 50 percent securities of these company during the same year itself in Bhopal resigned from and allotted approximately 20 lakh securities to deeper culture also some more shares of new Power Limited were transferred to supreme energy a company of deeper culture along with a transfer of rupees 64th Road to the same company in the same year first loan of rupees 300 crore was given to video on international electronic limited by Isis a bank and these multiple series clearly shows how a well-planned web of transaction took place between Videocon group Isis a bank and deeper culture during 2009 2012 only few events took place which are as follows I say say Bank lent a total of rupees 750 Pro to video on industries limited in 2012 six loans were consolidated into a single loan of rupees 1730 crore which means a total of rupees 3000 250 crore was lent by ICS a bank to Videocon group by April 2000 self from 2012 to 2016 no major transactions took place between both the parties that is I say say bank and video one book and suddenly during 2016 and 2017 a whistleblower named Arvind Gupta wrote a letter to Prime Minister and Finance Minister regarding this money laundering so who is he Arvind Gupta is that person who initially exposed it this dirty scam of ICS a bank and video Congo he calls himself a stakeholder activist he has shares in both I say say and Videocon group and kept a proper check on the transactions of company for his safety and after this camp came out I say I say a bank declared rupees two thousand eight hundred and 50 crore of this loan amount to become a non-performing Accenture after this scam came out during 2018 when more whistleblower complaint against banks management to cpi-e D and s FIU but banks initial investigation revealed that there is no case of conflict of interest and hence Chanda Kochhar is trustworthy afterwards bank appointed retired Supreme Court judge just his bien Shri Krishna - had the independent panel which was initiated by bank sport meanwhile sepi asked Chanda Kochhar to reply to the show-cause notice issued regarding this case but she missed stating lack of documentary proof and lately I say say Bank board accepted Chandra poachers request to seek early retirement why did she do so was seeking an early requirement appropriate or she should have resigned this times a good question to be put up during 2019 many official actions were taken by higher authorities a short note given in the image the CBI registered and a fire against all the three regarding alleged irregularities in loans sanctioned earlier the independent panel found by banks Port Said that culture has definitely violated the banks code of conduct and in answer to this Bank more decided to treat her early retirement as termination for cause which I think was a good step also a panda decided to take back all the bonus provided to Chanda voucher starting from the day she joined the bank that is 2000 mine with some doctor rupees nine point six crore therefore this means that 2019 was the year when serious action started to take place in regard to this case until now that is some months of 2020 more actions have been taken by authorities in this behalf summarized in the image attached Chanda Kochhar residents in South Mumbai was seized by Enforcement Act rate also asserts of companies held by depakote ever see regarding this case of money-laundering the investigating agency has begged rupees 78 crore from the person in highlight the revenue and law agencies have become active to probe the cultures so that more results can be found out and if any malpractice is happened could be taken care of affair has been basically filed on the basis of following reasons firstly illegal gratification between related person that is Chanda Kochhar husband deeper culture and way new gopal food secondly cheating and use of official position by Chanda Kochhar in granting of loan last update regarding this case is that a movement under Prevention of Money Laundering Act has came almost after one year since this case was registered after going through all these series of events many questions arise in our mind related to money laundering and mismanagement by back some of them are why did the bank took two months to correctly launch a probe against its CEO was it the matter of respect or anything else wasn't the bank's management sufficient to conduct a profit sir was an outsider literally required and why did Chanda Kochhar continued her office in the period of inquiry a simple fact conclude all these questions that is dead miss cultured disclosed the fact of conflict of interest to the board and rescued herself from all the matters related to Videocon if in vit she did not do so then why she stepped down as a CEO all these questions are related to the failures of bank management which are as follows hiding of conflict of interest for long time by CEO from the board CEO should not have distanced herself from matters until she gave clarification to all these bank's board should not have blindly banked its CEO proper measure should have been taken by them lately led to interest and outsider to inquire all this internal matter of such a refuted back and you do all of this this case became one of the first in the country to ask for clawback of bonuses and benefits from its ex CEO this case also highlights some flaws in application of corporate governance which should be taken seriously these are as follows existence of conflict of interest in the relationship of bank and its CEO which is a matter that shouldn't have happened carelessness of God and management to keep an eye on its funds movement lending of heavy loans to known and related party without giving a thought to its consequences lack of internal controls which lately leads to frauds in corporate and financial sector also transparency problem needs to happening of frauds how can external auditor did not see all this coming which means somewhere they were also involved and didn't gave a thought to respond to a whistleblowers findings and mismanagement by board at such a large scale which clearly shows nail exercising of the power of monitoring properly hence from all the previous questions flaws and reasons what should they learn for the betterment of future is that dissenting votes of board members should be incorporated in minutes of board meeting and should be reported to both so that reason for such dissenting vote can be found out which will result in knowing that if ever an independent actor has voted against any resolution because independent director are not directly engaged in the matters of company's management this will lead to bring greater transparency among stakeholders at last a culture change is required naturally in article behavior of top management because they affect working of a company or bank at a lot our decisions depend on them also they should be more responsible towards its stakeholders and society so I hope this video has given a good insight into this case study and has helped her to understand better these are the sources of information collected and mentioned in this presentation feel free to comment if you have any query or doubt at last thank you for giving your time and watching this video