ICAI Begins Probing Lakdawala & Company, The Mysterious Auditor Of The Punjab & Maharashtra Co-Operative Bank
[ By Bobby Anthony ]The Institute of Chartered Accountants of India (ICAI) has announced that it has begun probing a certain Lakdawala & Company, which had audited the troubled Punjab & Maharashtra Co-operative (PMC) Bank in FY18-19.However, the ICAI statement does not mention Lakdawala & Company by name, but has stated that it has “written to the statutory auditor of PMC Bank pertaining...
The Institute of Chartered Accountants of India (ICAI) has announced that it has begun probing a certain Lakdawala & Company, which had audited the troubled Punjab & Maharashtra Co-operative (PMC) Bank in FY18-19.
However, the ICAI statement does not mention Lakdawala & Company by name, but has stated that it has “written to the statutory auditor of PMC Bank pertaining to FY17-18 and FY18-19 seeking clarification on the matter”.
“ICAI would be actively pursuing the issue with the concerned regulators so as to examine the matter in detail and would also take action through its proactive disciplinary process against any member if so, found to be involved in the matter,” the ICAI statement mentioned.
Lakdawala & Company has been tracked down to its partner KP Lakdawala (Membership Number 035633), who is also shown as the proprietor of and Lakdawala & Associates (ICAI Registration Number 105518W) in the FY17-18 audit report for Talwalkars Lifestyles.
Records from LinkedIn suggest that there is a certain Ketan Lakdawala who has been named as a chartered accountant at Lakdawala & Associates since January 2009.
It has been suggested that Lakdawala had worked with PCH Ansotia & Co (Deloitte, Haskins + Sells) and Deloitte for four years during 1984 to 1988.
However, there is no information about what Lakdawala was up to between 1988 till 2009 as per LinkedIn records.