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Bank of Maharashtra has informed BSE that in the limited review report of the Bank for the quarter ended December 31, 2007, the Auditors of the Bank have made the following observations:

“1. Effect on the accounts, of balancing in subsidiary ledgers in respect of certain accounts like deposits, advances, suspense, sundry suspense, clearing differences, other assets / liabilities etc. with General Ledger which is incomplete in a few branches / offices and inter branch accounts and inter branch transfer of fixed assets entries under reconciliation pending to be passed, is not ascertainable;

2. Capital adequacy ratio, as worked out by the Bank based on data compiled by them and earning per share are subject to the effect of observations in Para (a) above and

3. The Bank has made provision for employees’ benefit for half year ended December 31, 2007 on estimate basis. However effect, if any, of Revised Accounting Standard 15 issued by ICAI on retirement benefit of the employees is yet to be ascertained.”

Tags: Bank of Maharashtra

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