US investors' rights law firm announces probe against HDFC Bank

The investigation is reportedly resulting from allegations that HDFC Bank may have issued materially misleading business information to the investing public.

American Law firm, Rosen Law, has announced an investigation of potential securities claims on behalf of shareholders of HDFC Bank. The firm is also preparing for a class action suit on behalf of bank’s shareholders.

The investigation is reportedly resulting from allegations that HDFC Bank may have issued materially misleading business information to the investing public.

Rosen Law, on its website, asked investors to provide their details if they have purchased HDFC Bank Limited securities and would like to receive information about the investigation concerning the class action to recover the investor losses in HDFC Bank Limited securities.

“A representative of The Rosen Law Firm will contact you at no cost to you and provide you detailed information concerning the proposed class action to recover your losses in HDFC Bank Limited securities,” said the firm.

The charges include bank’s executives forcing the borrowers to buy GPS devices bundled with the auto loans and even insisting that loans will not be sanctioned unless they buy these devices. The devices, manufactured by a Mumbai firm, Trackpoint GPS, cost about Rs 18,000 a piece. Following an internal investigation, the bank had sacked some executives.

The misconduct by the bank officials was acknowledged by Puri himself in the bank’s AGM during which he said that an internal probe was conducted against a few erring employees and appropriate action was taken.

Soon, reports emerged that the bank has sacked six officials in connection with the case and that the RBI has sought details of the probe.

The US security firm’s probe is happening at a time when there are only two months left for current CEO of the bank, Aditya Puri, to retire from service after 26 years in the post. Sashidhar Jagdishan, an insider, has been named as the new CEO of the bank to succeed after Puri's term ends.

Comments

Panacea Biotech shares hit 5% upper circuit after dengue vaccine completes phase I & II study

DengiAIl induced robust neutralising antibody responses against all the four dengue virus serotypes, the company has said in an exchange filing. Panacea Biotech share price hit 5 percent upper circuit on the BSE on September 24 after the company completed phases I and II study of its dengue vaccine candidate DengiAIl. "Panacea Biotec Ltd. is delighted to announce the successful completion of its Phase I/II study to evaluate the safety and immunogenicity of its vaccine, DengiAll, a single-dose liveattenuated tetravalent vaccine," the company said in an exchange filing. Live-attenuated vaccines contain weakened bacteria or viruses that trigger an immune response but do not cause disease. The company said DengiAIl induced robust neutralising antibody responses against all the four dengue virus serotypes. DengiAIl has been found to be safe and well-tolerated with no serious adverse effects, the company said. After a single-dose, more than 80 percent of the participants ...

Brokerages place bets on Titan, see double-digit upside in the stock

Titan can get benefits from the strong market share in the jewellery and wrist watches segment, mainly driven by a wide range of product portfolio catering mainly to the premium and value-added designer jewellery segment. After three consecutive sessions of losses, shares of Titan Company rose over a percent in morning trade on BSE on September 23. The company was dealt a severe blow by COVID-19 as the pandemic triggered strict lockdowns completely battered the retail sector. In the calendar year so far, shares of this one of the largest, most efficient and profitable specialty retailer in India are 7 percent down. The company reported a net standalone loss of Rs 270 crore for the quarter ended June 2020 as the COVID-19 pandemic hit business. The loss was higher than a CNBC-TV18 poll estimate of Rs 175 crore. Standalone revenue during the quarter declined 62.3 percent year-on-year to Rs 1,862 crore compared to the corresponding period last fiscal. Light at the end ...

Check Chemcon Speciality Chemicals IPO allotment status in four simple steps

Equity shares will get credited into the accounts of eligible investors by September 30 and the listing of equity shares will be on October 1, 2020. Chemcon Speciality Chemicals, the manufacturer for pharmaceutical and oilfields industries, is expected to announce the basis of allotment early next week. As per the schedule provided by the company, the finalisation of the basis of the allotment will be done by September 28 and the initiation of refunds or unblocking of funds from ASBA account will take place on September 29. Equity shares will get credited to the accounts of eligible investors by September 30 and the listing will be on October The IPO comprised a fresh issue of Rs 165 crore and an offer for sale of Rs 153 crore by promoters. The company will utilise fresh issue proceeds for expansion of manufacturing facility, working capital requirements, and general corporate purposes. Chemcon manufactures specialised chemicals, such as Hexamethyldisilazane (HMDS) and Chloromethyl Iso...

SD Solutions

Search This Blog