Fino Payments Bank MD, CEO arrested under GST Act
The Hindu
Fino Payments Bank's MD and CEO, Rishi Gupta, arrested under GST Act; bank emphasizes ongoing operations unaffected.
In a stern action, Rishi Gupta, Managing Director & CEO of Fino Payments Bank Ltd, has been arrested under the provisions of the CGST and SGST Act.
“Investigation is relating to business partner(s) of the Bank and not relating to the GST compliance of the Bank,” the bank said in a filing with stock exchanges.
Further, in this regard a special Board Meeting was convened soon after the arrest wherein Ketan Merchant, Chief Financial Officer of the Bank was appointed as a Head of the Organization by the Board to carry on and he will oversee the day-to-day operations of the Bank in absence of Rishi Gupta or until otherwise resolved by the Board or till Mr. Rishi Gupta resumes office, whichever is earlier.
The Bank said it is co-operating with the authorities to provide all the necessary information.
“Presently there is no impact on the Bank. The arrest has been done only in respect of Rishi Gupta, MD & CEO of the Bank. None of the Bank officials are involved, this is investigation relating to the business partner(s) of the Bank and officials of the Bank are cooperating with the investigation,” the bank said in the filing.
The information relating to the arrest has been disclosed to the RBI.
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