Industry Bank announced the resignation of assistant CEO Arun Khurana following the disclosure of accounting differences, which led to an impact of 1,959.98 crosses on the bank’s revenues.
In light of the recent accounting problems linked to internal derivative professions, “I have monitoring of the function of the Treasury Front-Office, as Director of Temps, Deputy CEO and part of the senior management of the Bank, resigns, with immediately effect,” Khurana wrote in a letter to the Board of Directors of the Industry Bank which was included in a stock market file.
“In accordance with Regulation 30, in Appendix III, to Part A, paragraph A (7C) and other applicable provisions of the SEBI Regulation (Quote and Disclosure requirements), 2015, as amended, we inform by this that Mr. Arun Khurana, Director of entire Time (Executive Director) and DY. CEO, the key management staff of the bank.
Industry Bank, thanks to official disclosure on the scholarships on April 27, confirmed that an independent professional business, appointed by its board of directors, submitted its investigation report on April 26. The company’s report validated the bank profit and loss account of the bank of the bank on March 31, 2025 ₹, with proximity to the disclored figure previously in April 15.
According to the report, the differences came mainly from the incorrect accounts of internal derivative professions, in particular during early endings. These practices have led to the premature recognition of notional profits, marking the main deep cause of financial anomalies. He also assessed the roles and actions of key employees involved.
“The Council takes the necessary measures to fix the responsibility of the persons responsible for these towers and realign the roles and responsibilities of senior management,” informed the bank.
Industry Bank has already interrupted all internal derivative negotiating activities from April 1, 2024. In addition, the resulting financial impact will be duly reflected in the financial statements of the Bank for Fiscountry 24-25, as well as measures to strengthen internal controls.
