Mahindra & Mahindra Financial Services (M&M Fin), the NBFC arm of the auto group has postponed its fourth quarter results indefinitely after a fraud was detected at one of company’s branches in the North East. The results were supposed to be announced on Tuesday. In a stock exchange notice, the company said the fraud involved forgery of KYC (know your customer) documents leading to embezzlement of company funds and pegged the total financial impact of the fraud at Rs. 150 crore.

The company said that the discovery of the fraud, agenda matters pertaining to approval of the audited standalone and consolidated financial results of the company for the fourth quarter and financial year ended 31 March 2024, recommendation of dividend, AGM and related matters, which were to be considered at the forthcoming board meeting are being deferred to a later date, which shall be intimated in due course.

However, the company's audit committee and the board meeting to consider other matters like increase in aggregate borrowing limits and fund raise via issue of non-convertible debentures will go ahead as per schedule.

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