India Finance

Former IndusInd Bank Chief Financial Officer Gobind Jain has approached the Bombay High Court with a ₹70-crore lawsuit against the lender, accusing it of wrongful termination and demanding compensation. As per the petition, Jain has sought ₹20 crore towards loss of income, while the remaining ₹50 crore has been claimed for reputational damage, missed career opportunities, and mental distress. The Reserve Bank of India has also been named as a respondent in the matter. Jain is being represented by Wadia Ghandy, while IndusInd Bank has appointed Cyril Amarchand Mangaldas as legal counsel. The RBI is being represented by BLAC & Co. The plea reportedly requests the court to direct the bank to deposit ₹20 crore as an interim safeguard, arguing that any eventual relief should remain meaningful and enforceable. In the filing, Jain has outlined a series of events preceding his exit, including four resignation letters starting in April 2024. He alleged that he repeatedly urged former MD & CEO Sumant Kathpalia to appoint an independent external auditor to probe alleged procedural and accounting irregularities. According to the petition, Jain’s first resignation communication was sent on June 11, 2024, months before the bank disclosed accounting issues to stock exchanges. Additional letters were submitted on August 20 and September 29, 2024, with the latter again pressing for an external review into alleged serious lapses in treasury-related procedures. Source: Economic Times