Mumbai: Mystery shrouds audit firm

Mumbai: The mystery of PMC Bank's audit firm Lakdawala & Co has deepened as no physical trace of the company can be found.

According to a report in Moneylife, Lakdawala & Co had conducted the audit of the PMC Bank for FY2018-19. In its report, it had mentioned the doubtful recovery of assets, against which a provision of Rs 26.82 crore has been made by the bank.

On Wednesday morning, the Institute of Chartered Accountants of India issued a press release claiming to have initiated disciplinary action against the firm, the report said.

However, Moneylife was told by Mumbai chartered accountants that they had not come across the firm in their interactions.

"Brajesh Mishra of Zee News tracked down the firm's office address, only to find it locked and located in a housing society in Borivali with no board or nameplate to indicate its existence," the report said.

“But it now appears that Ladkawala & Co may have their fingers in many more dangerously sticky deals.”