17 February 2011
Whether demand loan taken from bank against fixed deposit shall be taken into consideration for dis-qualification of auditor being a debtor of bank for Rs.1,000/- or more and that is why is not eligible for taking up the audit work assigned to him.
19 February 2011
the above statement would be corrrect as per the disqualification of the bank auditor as per Sec 226 of companies act. But, for the banking companies, the Banking regulation act overrides the companies act and the provisions of the companies act are overruled.
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