• Statutory auditors of Punjab and Maharashtra Cooperative (PMC) bank arrested for their role in the Rs 6,500-crore loan fraud case, were produced before the court and remanded to police custody till November 15
• An officer from city economic offences wing (EOW) said the auditors were arrested for negligence and flouting certain rules in the audit process
• The number of arrests in the case has gone up to seven. EOW had arrested HDIL directors, the bank’s ex-chairman and bank’s ex-MD among others
Key Takeaway: Corporate Governance has emerged in a new avatar! Lack of effective Compliance & Ethics training is making organizations vulnerable to fraud, whistle-blowers, bad press, insolvency, loss of employee morale and millions in lawsuits.