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IndusInd Bank, reeling from one of the largest accounting scandals in India’s banking sector, has zeroed in on three seasoned executives to fill its top leadership positions. The shortlist includes Rajiv Anand of Axis Bank, Anup Saha of Bajaj Finance, and Rahul Shukla of HDFC Bank.

The bank has been without a permanent CEO since late April, when Sumant Kathpalia and deputy Arun Khurana resigned, citing moral responsibility for massive undisclosed losses in its forex derivatives trading book. Both former executives have also been barred by SEBI for insider trading, after allegedly profiting over ₹157 crore from selling the bank’s shares before the crisis came to light.

The Candidates

• Rajiv Anand, currently deputy managing director at Axis Bank, has over 35 years of experience across retail and wholesale banking. He is due to retire in August.
• Anup Saha, recently appointed MD of Bajaj Finance, brings more than three decades of experience and played a major role in scaling Bajaj Finance’s retail business.
• Rahul Shukla, on sabbatical from HDFC Bank, has headed corporate and business banking and previously held senior positions at Citibank across South Asia.

According to people familiar with the process, IndusInd’s board is expected to finalize and submit the list of candidates to the Reserve Bank of India (RBI) any day now, ahead of the regulatory deadline of June 30. The RBI has directed that candidates must be external to the bank to ensure fresh oversight.

What Triggered the Crisis

IndusInd’s troubles began in early March, when it disclosed that years of accounting errors in its forex derivatives book had been discovered. Initially estimating the impact at ₹1,600 crore, the bank later revealed total losses of ₹2,329 crore—erasing nearly all profits for the March quarter. Net interest income also slumped 43% year-on-year to ₹3,048 crore.

The crisis didn’t stop there. An internal audit subsequently found:

• ₹674 crore wrongly booked as interest income from the microfinance business
• ₹595 crore of unsubstantiated balances under “other assets” on the balance sheet

These revelations raised serious concerns about corporate governance and internal controls. The bank’s shares have been under pressure ever since, trading about 42% below their 52-week high as of June.

Interim Management

Since the resignations of Kathpalia and Khurana in late April, IndusInd Bank has been managed by an RBI-approved executive committee led by Soumitra Sen (head of consumer banking) and Anil Rao (chief administrative officer).

Looking Ahead

The leadership overhaul is seen as critical for restoring confidence among investors, regulators, and customers. IndusInd’s chairman Sunil Mehta has assured stakeholders that the new leadership team will be announced in time to stabilize operations and rebuild trust.

As the bank prepares to turn the page, the shortlisted candidates—each with decades of experience—will face the task of tightening controls, repairing credibility, and steering the lender back to growth.

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In what could become the biggest private investment in Bihar’s power sector, four major energy companies have lined up to build a 2,400 MW thermal power plant in Pirpainti, Bhagalpur.

Adani Power, JSW Energy, Torrent Power, and Bajaj Group’s Lalitpur Power Generation Company have each submitted proposals to develop the project, which is expected to cost around ₹28,000 crore. The planned facility will comprise three units of 800 MW each, spread across approximately 1,200 acres already acquired by the state government.

The Bihar State Power Generation Company Limited (BSPGCL), which is overseeing the project as the nodal agency, opened the bidding process on June 17. The deadline for financial bids from qualified players is July 11, with the bids scheduled to be opened on July 16. Authorities expect to issue the letter of award within 30 days of bid evaluation.

The state cabinet had granted in-principle approval for the ambitious project back in February. Under the current plan, the land will be leased to the successful developer at concessional rates to help ensure affordable power tariffs for consumers.

Coal for the plant—estimated at 10.43 million tonnes annually—will be sourced from Eastern Coalfields Ltd’s nearby mines. Water requirements, roughly 60 cusecs, will be met by drawing from the Ganges.

Once operational, the new power station will primarily supply electricity to Bihar’s two state-run distribution companies: South Bihar Power Distribution Company Ltd and North Bihar Power Distribution Company Ltd. Any surplus capacity will be available for sale in the open market.

Officials say this massive addition to Bihar’s energy infrastructure will play a vital role in strengthening the state’s power security, supporting domestic, industrial, and agricultural consumers while accelerating economic growth.

M/s SBI Capital Markets Limited, Mumbai, has been appointed as the consultant to manage the tendering process and advise on project development.

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The United States Securities and Exchange Commission (SEC) has informed a New York federal court that it has not yet been able to serve summons and complaints to Gautam Adani and Sagar Adani in connection with allegations of misleading investors about a major debt transaction.

In a filing submitted to the US District Court of New York, the SEC confirmed that the process of serving legal notices is still underway. The case dates back to November 2024, when the regulator accused the Adani executives of violating US federal securities laws by making “false and misleading” statements related to a $175 million debt fundraise by Adani Green Energy in September 2021.

According to the SEC’s update, both Gautam Adani and Sagar Adani are currently in India. The agency said it had formally requested assistance from India’s Ministry of Law and Justice to deliver the summons under the Hague Convention, which governs cross-border service of legal documents.

In March, the Indian Law Ministry forwarded the SEC’s summons to a Sessions Court in Gujarat for further action. However, the SEC’s filing makes clear that Indian courts have not yet served the documents.

The regulator noted that it is continuing to coordinate with Indian authorities to complete the process. The SEC is scheduled to submit its next status update to the US court by August 11.

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Wakefit Innovations Ltd, the home and furnishings brand known for its mattresses and sofas, has filed draft papers with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) aiming to raise ₹468.2 crore. The move is designed to more than double the company’s offline presence as it scales up from a fast-growing direct-to-consumer business into an omnichannel retail brand.

According to the draft red herring prospectus, the IPO will include a fresh issue of shares as well as an offer for sale of up to 58.4 million shares by existing investors and founders.

Promoters and Investors Cashing In

As part of the offer for sale, Wakefit co-founders Ankit Garg and Chaitanya Ramalingegowda will offload 7.73 million and 4.45 million shares, respectively.

Major institutional investors are also participating in the sale, locking in substantial returns:

• Peak XV Partners is selling 25.06 million shares acquired at an average cost of ₹20.52 per share.
• Investcorp funds will offload a combined 6.18 million shares purchased at ₹85–88 each.
• Verlinvest S.A. plans to sell 10.19 million shares acquired for ₹82.67 apiece.

Other sellers include Paramark KB Fund I (3.06 million shares), SAI Global India Fund (830,000), individual shareholder Nitika Goel (720,000), and Redwood Trust (170,000).

Growth Story

Founded in 2016, Wakefit started by selling mattresses online before expanding into beds, sofas, and a range of home furnishings. The company distributes primarily through its own website and app but has also built a growing network of experience centres and company-owned stores.

Wakefit has raised multiple funding rounds between 2018 and 2023 from marquee investors including Sequoia Capital India (now Peak XV), Verlinvest, and Investcorp. In its latest round in January 2023, the company secured ₹320 crore led by Investcorp with participation from existing backers.

The company plans to raise an additional ₹93.6 crore in a pre-IPO funding round, the prospectus notes.

IPO Proceeds to Power Expansion

Wakefit plans to channel the IPO proceeds into aggressive growth initiatives:

• ₹82.1 crore to open 118 new outlets
• ₹145.2 crore for lease payments on existing stores
• ₹15.4 crore on store equipment
• ₹108.4 crore for advertising and brand-building

As of December 2024, Wakefit operated 98 outlets and is preparing to launch its first large-format “Jumbo Store” in Bengaluru.

Financial Snapshot

Wakefit is part of a wave of direct-to-consumer brands testing public markets, following Honasa Consumer (Mamaearth), with Lenskart, Licious, and boAt expected to launch IPOs soon.

In the first nine months of FY25, Wakefit reported revenue of ₹994.3 crore with a net loss of ₹8.8 crore. For FY24, total income stood at ₹1,017.3 crore—up from ₹820 crore in FY23—while the net loss narrowed significantly to ₹15.05 crore from ₹145.68 crore a year earlier.

Book Running Lead Managers

The IPO will be managed by Axis Capital, IIFL Securities, and Nomura as book-running lead managers.

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JSW Paints, part of the diversified JSW Group, has signed a definitive agreement to acquire up to 74.76% stake in Akzo Nobel India—maker of the iconic Dulux brand—in a transaction valued at ₹8,986 crore. This marks one of the largest deals in India’s nearly ₹90,000 crore paints industry and paves the way for Akzo Nobel’s complete exit from the country.

With this acquisition, JSW Paints, which entered the segment in 2019 and has yet to establish significant market share, will instantly become a formidable player in the decorative and industrial coatings space. The transaction is subject to regulatory approvals from the Competition Commission of India and a mandatory open offer to public shareholders.

In an exchange filing on June 27, Akzo Nobel India confirmed that the maximum consideration under the share purchase agreement would be up to ₹8,986 crore, subject to closing adjustments. The deal includes acquiring shares from the Dutch promoter entities Imperial Chemical Industries Ltd. and Akzo Nobel Coatings International BV.

This strategic move comes as Akzo Nobel NV, headquartered in Amsterdam, continues to reshape its global portfolio. Last October, the company announced a strategic review of its South Asia operations, exploring options such as partnerships, joint ventures, mergers, or divestments to focus more sharply on its core coatings business.

The acquisition has been years in the making, with several other bidders—including a consortium of Advent International and Indigo Paints, as well as Pidilite Industries—showing interest.

Upon completion, Akzo Nobel’s promoter group, which held nearly three-quarters of Akzo Nobel India, will exit the domestic market. This exit coincides with a period of heightened competition, as new entrants like Aditya Birla Group and Grasim’s Birla Opus are disrupting the paint landscape long dominated by Asian Paints, Berger Paints, Kansai Nerolac, and Akzo Nobel India itself.

A Strategic Leap for JSW Paints

For JSW, the acquisition accelerates its ambitions to scale up in one of India’s fastest-growing sectors. Parth Jindal, Managing Director of JSW Paints, noted:

“Paints and coatings is one of the fastest-growing sectors in India. Akzo Nobel India is home to some of the most globally renowned brands like Dulux, International, and Sikkens.”

Akzo Nobel CEO Greg Poux-Guillaume described the sale as a significant milestone in the company’s strategy:

“Akzo Nobel India has been a consistently strong performer, and we are proud of the brands and talent that have made it a success.”

A Strong Legacy

Akzo Nobel India operates across a wide spectrum—from decorative paints to automotive, industrial, marine, and powder coatings. In FY25, the company reported revenues of ₹4,091 crore.

Earlier this year, Akzo Nobel announced the transfer of its powder coatings business and its international research centre to its Dutch parent in an intergroup deal worth ₹2,143 crore. Additionally, it sold the intellectual property rights for its decorative paints business across India, Bangladesh, Bhutan, and Nepal for ₹1,152 crore.

A Changing Industry

India’s paint market has become increasingly dynamic over the past five to six years. New entrants include Pidilite (with Haisha Paints), Grasim (Birla Opus), Astral (through its acquisition of Gem Paints), and JK Cement (which entered by acquiring Acro Paints).

According to the Indian Paint Association, the country’s paints and coatings industry is valued at $8.5 billion and accounts for approximately 6.3 million tonnes in annual volume.

With this landmark acquisition, JSW Paints is poised to reshape the competitive landscape and accelerate its vision to become a leading force in India’s vibrant paint sector.

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