IndusInd’s ex-CFO files Rs 70-cr suit over wrongful termination

According to the claim, Jain has sought ₹20 crore as compensation for loss of earnings and an additional ₹50 crore for reputational harm, loss of employment opportunities, and mental trauma.

The Reserve Bank of India (RBI), the sectoral regulator, has also been made a party to the case.

Jain is being represented by law firm Wadia Ghandy, while IndusInd Bank has engaged Cyril Amarchand Mangaldas. The RBI is represented by BLAC & Co.

“To ensure that the final relief, if granted, does not become illusory, it is necessary that… IndusInd Bank be directed to deposit ₹20 crore toward compensation for loss of earnings…,” the suit said.

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Jain, IndusInd Bank and the RBI did not respond to ET’s emailed queries. ET, in its edition dated September 27, 2025, was the first to report about Jain’s repeated attempts to resign as CFO.
In his petition, Jain has detailed the sequence of events leading up to his resignation, including four resignation letters beginning April 2024, in which he repeatedly urged then MD & CEO Sumant Kathpalia to appoint an external auditor to investigate alleged lapses.According to the petition, Jain’s earliest resignation letter was sent on June 11, 2024-nearly ten months before the bank disclosed the accounting lapses to stock exchanges. Less than two months later, he submitted another letter on August 20, 2024.

On September 29, 2024, Jain again pressed for an external audit saying that he had kept his resignation on hold on the understanding that Kathpalia would order a detailed audit by a reputed external and independent audit firm into serious issues and incorrect procedures and practices followed by the bank’s treasury.