https://www.taxtmi.com/news?id=42370 Accounting lapses from incorrect accounting of internal derivative trades, especially on early termination, led to recording of notional profits that materially distorted the bank's financials and produced an adverse post-tax impact on net worth. An independent board-appointed investigation identified these errors as the principal cause, examined roles of key employees, and the board has moved to fix accountability, discontinue internal derivative trading, and seek regulatory approval to constitute a Committee of Executives to discharge CEO duties temporarily. en-us Tue, 29 Apr 2025 20:31:03 +0530 Tue, 29 Apr 2025 20:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=42370 Accounting lapses from incorrect accounting of internal derivative trades, especially on early termination, led to recording of notional profits that materially distorted the bank's financials and produced an adverse post-tax impact on net worth. An independent board-appointed investigation identified these errors as the principal cause, examined roles of key employees, and the board has moved to fix accountability, discontinue internal derivative trading, and seek regulatory approval to constitute a Committee of Executives to discharge CEO duties temporarily. News - Tue, 29 Apr 2025 20:31:03 +0530 https://www.taxtmi.com/news?id=42370