Mahindra & Mahindra Financial Services Ltd postponed its board meeting to review Q4FY24 and FY24 financial results after detecting a Rs 150 crore vehicle loan fraud in a North East branch. The fraud involved forged KYC documents and misappropriation of funds, with some culprits already arrested. The company assured corrective measures are underway. The stock fell 5.47% to Rs 263.6 per share. The RBI’s fraud monitoring cell was informed, and the board approved new auditors and an independent director. The meeting deferred agenda items pending the investigation’s outcome, including dividend recommendations and financial results approval.
Financial Fraud Delays Mahindra & Mahindra Board Meeting
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