Bank of Maharashtra has informed that in the limited review report of the Bank for the quarter ended September 30, 2007, the Auditors of the Bank have made the following observations:
These review reports cover 53.37% of the advances portfolio of the bank. Apart from these review reports, in the conduct of our review, Company have also relied upon various returns received from branches of the bank.
Based on Auditors review, as aforesaid and subject to the following:
a. 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;
b. 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
c. The Bank has made provision for employees benefit for half year ended September 30, 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.
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