Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

PNB Fiasco - Action taken by ICAI

Posted On: 2018-02-22 21:00:19

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountants in India and it works under the aegis of the Ministry of Corporate Affairs.

The attention of Institute of Chartered Accountants of India (ICAI) has been drawn to various media reports highlighting the irregularities that have taken place in Punjab National Bank (PNB). While various investigating agencies have initiated their investigations in the matter, the Disciplinary Directorate of ICAI suo motu has also started its investigation as per the Chartered Accountants Act, 1949 and rules framed thereunder.

Taking suo motu cognizance of media reports, the Disciplinary Directorate of ICAI as a proactive step has written letters on 15th Feb 2018 to Security and Exchange Board of India (SEBI), Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and Punjab National Bank (PNB), urging upon them to share details / reports / findings in respect of the said alleged fraud including the copies of the specific findings in respect of the involvement of any Chartered Accountant / firm of Chartered Accountants.

ICAI has also written to its parent Ministry i.e. the Ministry of Corporate Affairs requesting to prevail upon SEBI, CBI, ED and PNB to share their findings with ICAI 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 Power 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 on 23rd Feb 2018.

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 Deputy General Manager, PNB has been summoned in terms of powers as vested in Section 21C of the Chartered Accountants Act 1949 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.

Further, the ICAI has also written to Reserve Bank of India requesting them to provide the list of the Corporate Borrowers of Public Sector Banks having outstanding loan amount of Rs. 2000 crores and above so as to have the same examined by Financial Reporting Review Board of ICAI for any possible violation of applicable standards of accounting as well as auditing.

ICAI reaffirms its commitment to be a proactive regulator of the auditing and accounting profession.

Shares of PUNJAB NATIONAL BANK was last trading in BSE at Rs.114.65 as compared to the previous close of Rs. 117.1. The total number of shares traded during the day was 2797680 in over 10592 trades.

The stock hit an intraday high of Rs. 116.7 and intraday low of 113.7. The net turnover during the day was Rs. 323056810.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

IOC declares interim dividend of Rs. 6.75 for 2018-19

Premier Explosives Ltd bags order from Israel Company

Advanced Enzyme Technologies Ltd bags award in UBM India Pharma Awards 2018

CARE revises ratings on bank facilities of Dilip Buildcon Ltd

Jain Irrigation bags order of Rs. 584 crores

IOC announces buy back of 29,76,51,006 equity shares at Rs. 149

Lupin receives tentative US FDA approval for Dimethyl Fumarate Delayed Release Capsules, 120 mg and 240 mg

YES BANK updates on today's board meeting

Techno Electric & Engineering Company Ltd approves buy-back of 26,82,400 shares

Ganesh Films India Ltd acquires North India distribution rights for 'KANAA'

TVS Motor Company rolls out the 50,000 unit of the BMW 310cc series motorcycle

Maruti Suzuki receives 'Commendation for Significant achievement' at CII-ITC Sustainability Awards'18

Steel Strips Wheels Ltd receives 90,000 Truck Wheel Order

SeQuent receives EIR from USFDA for its Analytical Lab at Mangalore

Ashoka Buildcon L-1 for Jharkhand Bijli Vitran Nigam Limited's project

Goldiam International Ltd arm closes factory

New Version of Connected Clinical Trials Platform Launched at TCS ADD Vantage

VivoHub teams with Tata Communications

Unichem and its subsidiary asked to pay Euro 13.96 mn

Talwalkars Lifestyles Ltd launches AI based Welness Program

Suzlon secures 50.4 MW order from Atria Power

Amara Raja Batteries Limited announces superannuation of CFO

Everest Group PEAK Matrix™ Recognizes Sasken as an Aspirant in Digital Services

Sonata Software to acquire Sopris Systems

DLF Ltd approves QIP of upto 17.30 crore shares

SORIL Infra Resources Ltd to foray into financial services business in rural India

Strides receives USFDA approval for Lidocaine Ointment

EU General Court upholds the European Commission's decision in Perindopril litigation

CARE assigns CARE D rating to Taneja Aerospace and Aviation Limited

Scan Steels Ltd calls for board meeting on Dec 18, 2018

Mr Saurabh Chawla, Group CFO of DLF Ltd quits

Pointer Telocation and Pricol sign LOI to form a JV for Telematics Solutions in India and South East Asia

Wipro Achieves 'Cloud Elite' status in Oracle PartnerNetwork Cloud Program

Jubilant FoodWorks allotted 51 lakh shares in Bangladesh JV

Music Broadcast Ltd board to consider stock split

TCS Recognized as a Leader in Gartner Magic Quadrant for Application Testing Services, WW

Ambuja Cements Ltd approves expansion plan of 1.4 MT additional clinker capacity

TVS Motor Company wins 2 key awards at CII - ITC Sustainability Awards 2018

Tribhovandas Bhimji Zaveri Ltd to shift Ghatkopar showroom

Mr. Ajay Kapur, MD& CEO of Ambuja Cements Ltd resigns

AGIO Paper & Industries Ltd approves fund raising of Rs. 5 crores

IL&FS Transportation Networks Ltd gets provisional completion certificate for project in Jharkhand

Ramco Systems continues to strengthen foothold in the U.S. Defense space

Amrutanjan Health Care bags award

TCS Scores a Gold in the EcoVadis CSR Assessment for Fifth Year in a Row

McDonald's expands its footprint in Kerala with its first outlet in Thiruvananthapuram

Tata Communications discovers digital transformation disparity in new study

Premier Chennai Properties Ltd appoints Non-Executive Independent Director

ICRA revises rating of Remsons Industries Ltd

CRISIL Ratings on the bank facilities of Krypton Industries Limited







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018