We followed law-PNB response on media report quoting Nirav Modi that Bank closed all option to recover dues by going public.
Punjab National Bank in its clarification submitted to BSE and NSE has stated that it has followed lawful avenues available as per law of land to recover its dues.
The bank submitted the following five point response to the queries raised by the Stock Exchanges:
| SL. No. | Query | Response |
| 1. | It has been observed that the quantum of the amount of fraud was initially reported by the bank as Rs. 280 crores and in a subsequent disclosure the amount was reported as approx. Rs. 11000 crores. The bank is requested to clarify on the increased amount reported in sequential filings. |
On 05th Feburary, 2018, we on the basis of preliminary investigation report, informed simultaneously to our Board as well as to BSE and NSE of initial fraud case of Rs.280.70 cr. Upon receiving further investigation report enhancing the fraud amount to Rs. 11394.02 cr. (US $ 1.77 bn.) FMR with RBI, FIR with CBI were filed in evening of 13th February, 2018 and information with BSE & NSE on 14th February, 2018 around 9.00 am |
| 2. | The bank had not reported the filing of the FIR with CBI at the occurrence of the event, but was informed in a subsequent reply In response the clarification sought by the Exchange | Since law enforcing agencies were assigned to investigate the matter, any news in public’ would have alerted the fraudster affecting recovery |
| 3. | The impact of the event on the financials and operations of the Bank | We have enough assets j capital to meet any liability which is decided as per law |
| 4. | PNB closed all option to recover dues by going public: Nirav Modi |
We have followed lawful avenues available to us as per law of land to recover our dues. |
| 5. | CBI arrests three more Punjab National Bank men for fraud | We are awaiting written reply from Disciplinary Authority |
----------- Similar Posts: -----------
In absence of mala fide intention bank should not be treated as assessee in default for late deduction and deposit…
Whether bank account was fraudulently open in the name of assessee is question of fact. High Court declined to entertain…
SBI Concurrent Auditor Empanelment of Chartered Accountant Firms for FY 2024-25 SBI Concurrent Auditor Empanelment of CA Firms for FY…
Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants In 2015, the Ministry of Corporate Affairs…
Trade Tax Department was unjustified in retaining refund beyond stipulated period and adjusting it against default notices issued subsequently. In…
Notice issued u/s 143(2) prior to filing of return of income by the assessee was invalid. Before filing ITR provisions…