“In respect of retail automobile loans disbursed by the corporate, the fraud concerned forgery of KYC paperwork resulting in embezzlement of firm funds,” MMFSL mentioned in a regulatory submitting.
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“The investigations within the matter are at a complicated stage. The corporate estimates that the monetary impression of this fraud is unlikely to exceed ₹150 crores,” the corporate added.
The non-banking finance firm mentioned investigations are underway, and mandatory corrective actions have been recognized and are at varied levels of implementation, together with arrest of few individuals concerned.
In view of this growth, the agenda issues pertaining to approval of the audited standalone and consolidated monetary outcomes of the corporate for This autumn and monetary yr ended March 31, 2024, advice of dividend, AGM and associated issues, which have been to be thought of on the board assembly scheduled to be held on April 23, 2024, are being deferred to a later date, which shall be intimated in the end, per the submitting.
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The Audit Committee and the board Assembly scheduled on April 23, 2024, will contemplate all different issues scheduled to be mentioned on the respective conferences, together with enhance in mixture borrowing limits and fund increase through concern of non-convertible debentures.
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