P & Sb Puts Off Results On Auditors & #8217; Questions

Differences between Punjab & Sind Bank and its statutory auditors has forced the bank to defer finalising its accounts for 2002-03.

The bank is seeking an extension beyond June 30 from the Reserve Bank of India to finalise its annual accounts. Rules governing banks and companies require them to finalise their annual accounts by June 30, failing which banks have to seek an exemption from the RBI while companies need permission from the Company Law Board.

Banking sources told Business Standard that the auditors wanted Punjab & Sind Bank to provide an additional amount for loans extended by it and also raised queries about some of them. The management was, however, unwilling to fall in line with the auditors' prescription while the audit firms were not willing to buy the management's argument.

 

Punjab & Sind Bank Chairman and Managing Director NS Gujaral said the bank