REGULATORY · COMPETITIVE · INDIA
Fino Payments Bank leadership change after MD/CEO arrest under GST laws
Change
Fino Payments Bank said its MD & CEO Rishi Gupta was arrested under the CGST and SGST Act, and its board appointed CFO Ketan Merchant as Head of the Organization to oversee day-to-day operations in Gupta’s absence.
Why Now
Fino Payments Bank stated that the investigation relates to the bank’s business partner(s) and not to the bank’s GST compliance. It said Rishi Gupta, Managing Director & CEO, was arrested under provisions of the CGST and SGST Act. Following the arrest, the bank convened a special board meeting. The board appointed CFO Ketan Merchant as Head of the Organization to carry on and oversee the bank’s day-to-day operations in Gupta’s absence. The bank said it is cooperating with authorities by providing necessary information.
Impact
- • Day-to-day operational oversight was reassigned from the MD/CEO to the CFO-designated Head o
- • The enforcement action referenced is an arrest under CGST/SGST provisions tied to an investi
Who Recalculates
- • Bank executive management (MD/CEO, CFO)
- • Bank board of directors
- • GST enforcement authorities
Source
Topics
Law & Public Safety Regulatory Actions Compliance Finance & Banking Financial Services