IndusInd Bank Enlists Cyril Amarchand Mangaldas for Legal Oversight After Accounting Disclosures

Following recent disclosures of accounting discrepancies that led to a significant write-down and the departure of its chief executive,

Bank has engaged the prominent law firm Cyril Amarchand Mangaldas (CAM) for comprehensive legal counsel, sources familiar with the matter have told ET. The engagement underscores the bank's commitment to addressing the fallout from the revealed anomalies within its derivatives portfolio, which resulted in a ₹1,960-crore write-down earlier this week. According to sources, a dedicated team from Cyril Amarchand Mangaldas, including the head of its banking law practice, has been stationed at IndusInd Bank's Mumbai headquarters since the accounting gaps came to light. Their primary role involves meticulously vetting all communication emanating from the bank to its various stakeholders, including regulators and stock exchanges. The CAM team will be responsible for reviewing and scrutinizing all external communications, encompassing notices and reports received from regulatory bodies, stock exchanges, and other pertinent stakeholders. Furthermore, sources indicate that the law firm is also advising IndusInd Bank on the potential legal ramifications arising from the submitted audit reports. This strategic move to bring in Cyril Amarchand Mangaldas highlights IndusInd Bank's proactive approach in navigating the legal complexities that often arise in the aftermath of significant financial disclosures. The firm's expertise in banking law and regulatory matters is expected to provide crucial support to the bank as it works to address the concerns of its stakeholders and ensure adherence to all applicable legal requirements.