M&M FINANCE DELAYS Q4 RESULTS AFTER ₹150 CRORE FRAUD DETECTED AT A NORTH EAST BRANCH

Mahindra & Mahindra Financial Services Ltd has deferred its board meeting scheduled for today after a fraud worth ₹150 crore was detected at one of its branches in the North East region.

In a stock exchange filing, Mahindra & Mahindra Financial Services said its board meeting to consider financial results for the quarter ended March 2024 quarter, scheduled to be held on April 23, has now been deferred to a later date, which shall be intimated in due course.

“A fraud was detected at one of the company’s branches in the North East. In respect of retail vehicle loans disbursed by the Company the fraud involved forgery of KYC documents leading to embezzlement of Company funds. The investigations in the matter are at an advanced stage,” Mahindra Finance said in a regulatory filing on Tuesday.

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The company estimates that the financial impact of this fraud is to the extent of ₹150 crore.

Investigations are underway, and necessary corrective actions have been identified and are at various stages of implementation, including arrest of few persons involved, it added.

“In view of this development, the agenda matters pertaining to approval of the audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended 31st March 2024, recommendation of dividend, AGM and related matters, which were to be considered at the Board meeting scheduled to be held on 23rd April 2024, are being deferred to a later date, which shall be intimated in due course,” it said.

The Audit Committee and the Board Meeting scheduled on 23rd April, 2024 will consider all other matters scheduled to be discussed at the respective meetings, including an increase in aggregate borrowing limits and fund raise via issue of Non-convertible debentures, M&M Finance added.

On Monday, M&M Finance shares ended 1.55% lower at ₹278.85 apiece on the BSE.

2024-04-23T01:26:26Z dg43tfdfdgfd