Union Bank Admits Lapses In ₹7.25 Crore Book Deal, Suspends GM; Govt Recalls Ex-CEA Subramanian From IMF | Representative Image
Following reports that Union Bank of India had spent an estimated Rs 7.25 crore to purchase nearly 200,000 copies of a book authored by former Chief Economic Adviser (CEA) Krishnamurthy V Subramanian, the Union Bank of India in its communication to the stock exchange has acknowledged that “there were certain lapses in the procurement.” However, in its communication the Bank states that the information reported ”does not have any material impact on the Bank’s operations or financials at this stage.” The Bank’s General Manager has also been suspended. A query to the corporate communication department of the bank did not elicit any response. The government has also recalled Subramaniam from IMF six months prior to the expiry of his tenure with the world body.
“The Bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the Bank. It is clarified that the subject matter does not fall under the criteria prescribed for material events as per Regulation 30 of SEBI (LODR) Regulations, 2015. The information reported does not have any material impact on the Bank’s operations or financials at this stage. There is no such information which is not disclosed by the Bank and has an impact on the movement of the trading of the Bank’s securities. Therefore, disclosure under Regulation 30 is not warranted and at present, there are no regulatory / legal proceedings arising on account of this matter. The said article does not have any material impact on the Bank,” the Bank informed the stock exchange in its communication.
Media reports had claimed that such a large number of copies was reportedly purchased by the Bank to distribute among “customers/local schools/colleges/library, etc.” The reports said that the bank’s central office ordered 189,450 paperback and 10,422 hardcover copies of Subramanian’s ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’ book priced at Rs 350 and Rs 597, respectively.
Meanwhile, the bank’s MD and CEO A .Manimekhalai will complete her three-year term at the bank on June 30, and she is eligible for an extension since she would superannuate only in March 2026. However, there are reports that, in April, Manimekhalai wrote to the central government stating that she does not want an extension despite clearances from the Central Vigilance Commission (CVC).
