Dewan Housing CEO resigns after allegation of mismanagement

NEW DELHI (Reuters) - India's Dewan Housing Finance Corp Ltd, which was hit by claims of financial mismanagement last month, said on Wednesday its Chief Executive Harshil Mehta has resigned.

Reuters February 14, 2019 00:07:09 IST
Dewan Housing CEO resigns after allegation of mismanagement

Dewan Housing CEO resigns after allegation of mismanagement

NEW DELHI (Reuters) - India's Dewan Housing Finance Corp Ltd, which was hit by claims of financial mismanagement last month, said on Wednesday its Chief Executive Harshil Mehta has resigned.

The company's stock has lost over 80 percent of its value since broader concerns over the operations of India's shadow banking sector emerged in September.

Investigative media outlet Cobrapost said in a report last month loans from Indian state banks were diverted by Dewan to shell companies, including those linked to its controlling shareholders. Dewan has denied the allegations.

(Reporting by Sudarshan Varadhan; Editing by Jan Harvey)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.