Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: 4.8
Article rating: 5.0
Article rating: 3.0
Article rating: No rating
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: 4.5
Article rating: No rating
Article rating: No rating
Article rating: 4.2
Article rating: 5.0
Article rating: 4.0
Article rating: No rating
Article rating: No rating


CA panel awaits data from PNB to suggest remedies

Author: IANS/Saturday, March 10, 2018/Categories: Banking & Financial Services

CA panel awaits data from PNB to suggest remedies

New Delhi - The high-powered group set up by the Institute of Chartered Accountants of India (ICAI) following the Rs 12,600 crore fraud on state-run PNB, with a mandate to suggest remedial measures in the banking system, has not yet received the required documents and information from the bank, ICAI said.

The group had written to various Punjab National Bank officials, including the Chairman of its Audit Committee, to provide relevant information on the case. 

"The high-powered group appointed by the ICAI is awaiting the required documents and information from the PNB officials to find out the systemic loopholes... it is worthwhile to mention that the group recommendations are dependent on the availability of documents and information," an ICAI statement said here.

"Ordinarily, concurrent audit in a bank is carried out by an independent firm of chartered accountants. As per the current system of appointment of auditors in PNB, internal and concurrent audit was carried out by the PNB officials," the statement said.

Though government agencies are trying to identify the culprits, it prima facie appears that the fraud was committed due to collusion of many persons inside and outside the system, the statement added.

The ICAI has also written to various investigating agencies, including the Central Bureau of Investigation, Enforcement Directorate and markets regulator Securities Exchange Board of India, requesting for details of their investigations in the matter.

Following the PNB fraud by accused diamantaire Nirav Modi and his uncle Mehul Choksi, Finance Minister Arun Jaitley said last month that the Indian industry, in collusion with chartered accountants, had for years been employing various ways like creating shell companies to "round-trip" money into the country.

Print Rate this article:
No rating

Number of views (167)/Comments (0)

rajyashree guha


Other posts by IANS
Contact author

Leave a comment

Add comment



Ask the Finapolis.

I'm not a robot
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest



The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free