STOCK MARKET BSE NSE

ICAI issues show-cause notices to Punjab National Bank, Gitanjali Gems auditors 

The ICAI has also written to the Reserve Bank of India requesting it to provide the list of the corporate borrowers of public sector banks having outstanding loan amount of Rs 2,000 crore and above.

Published: 22nd February 2018 11:17 PM  |   Last Updated: 22nd February 2018 11:17 PM   |  A+A-

Punjab National Bank (File photo | AFP)

By PTI

NEW DELHI: Chartered accountants' apex body ICAI today said it has issued show-cause notices to the auditors of Punjab National Bank and Gitanjali Gems in connection with the Rs 11,400 crore fraud at the public sector lender.

Besides, the institute has summoned a deputy general manager of the bank seeking details about the fraud.

Further, the ICAI has also written to the Reserve Bank of India requesting it to provide the list of the corporate borrowers of public sector banks having outstanding loan amount of Rs 2,000 crore and above.

The list would be examined by the Financial Reporting Review Board of ICAI for any possible violation of applicable standards of accounting as well as auditing.

"The Disciplinary Directorate of ICAI has issued show-cause notices to all central statutory auditors of PNB.

Similarly, central statutory auditors who have done quarterly review of PNB have also been issued show cause notice.

"Auditor of Gitanjali Gems Ltd has also been issued the show-cause notice in the matter," the ICAI said in a statement.

The deputy general manager of the bank has been summoned "to appear and produce a copy of FIR, all related documents in the said fraud, give details of the modus operandi used in the fraud", it added.

The ICAI has also written to the Ministry of Corporate Affairs requesting it to ask SEBI, CBI, ED and PNB to share their findings to enable it to accelerate the action against any chartered accountant who have played any role in this fraud.

The ICAI has also set up a high powered group to study the systemic issues in the Punjab National Bank matter and suggest remedial measures and improvement in the banking system; and any other matter incidental thereto.

The first meeting of the group is scheduled tomorrow.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp