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IndusInd board races to submit CEO names before June 30
Business Standard
|June 06, 2025
Top post fell vacant after Kathpalia quit following accounting lapses
The board of IndusInd Bank is racing to meet the June 30 deadline to submit probable chief executive officer (CEO) names to the regulator.
The top post in the private sector lender fell vacant after its MD&CEO Sumant Kathpalia resigned, taking responsibility for the accounting lapses in the derivatives portfolio that resulted in the bank posting ₹2,329 crore loss in the fourth quarter of 2024-25 (Q4FY25). Deputy CEO Arun Khurana, who was also on the board of the bank, too stepped down, taking responsibility.
With the Reserve Bank of India's (RBI's) approval, the board then appointed a committee of executives, comprising Soumitra Sen (head-consumer banking) and Anil Rao (chief administrative officer) as members, to oversee the operations of the bank under the oversight and guidance of an oversight committee. The oversight committee is headed by the board chairman, and it comprises the chairs of audit committee, compensation and nomination & remuneration committee, and the risk management committee as members.
IndusInd chairman Sunil Mehta had said the board was at an advanced stage in the CEO selection process and was confident that recommendations would be submitted to the RBI well ahead of the deadline.
This story is from the June 06, 2025 edition of Business Standard.
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