Mahindra & Mahindra Financial Services Ltd has delayed its board meeting scheduled for today after discovering a fraud worth ₹150 crore at one of its branches in the North East region.
In a filing to the stock exchange, Mahindra & Mahindra Financial Services stated that its board meeting to discuss financial results for the quarter ended March 2024, originally planned for April 23, has been postponed to a later date, which will be communicated later.
The fraud involved forgery of KYC documents and embezzlement of company funds related to retail vehicle loans disbursed by the company. Investigations are ongoing, and corrective actions, including the arrest of individuals involved, are being implemented.
Due to this incident, the approval of audited financial results for the fourth quarter and financial year ended March 31, 2024, recommendation of dividend, AGM, and related matters initially scheduled for the board meeting on April 23, have been deferred to a later date.
The Audit Committee and the Board Meeting planned for April 23, 2024, will address other agenda items, including discussions on increasing borrowing limits and raising funds through the issuance of Non-convertible debentures.
M&M Finance shares closed 1.55% lower at ₹278.85 on Monday.
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