Kindly note the following sections of banking regulation Act and search for legal remedy which we can forced to turn for in the absece of any other way out
Sec 29 . Accounts and balance-sheet. —(1) At the expiration of each calendar year 101[or at the expiration of a period of twelve months ending with such date102 as the Central Government may, by notification in the Official Gazette, specify in this behalf,] every banking company incorporated 95[in India], in respect of all business transacted by it, and every banking company incorporated 103[outside India], in respect of all business transacted through its branches 104[in India], shall prepare with reference to 105[that year or period, as the case may be,] a balance-sheet and profit and loss account as on the last working day of 106[that year or the period, as the case may be] in the Forms set out in the Third Schedule or as near thereto as circumstances admit:
107[Provided that with a view to facilitating the transition from one period, of accounting to another period of-accounting under this sub-section, the Central Government may, by order published in the Official Gazette, make such provisions as it considers necessary or expedient for the preparation of, or for other matters relating to, the balance sheet or profit and loss account in respect of the concerned year or period, as the case may be.]
30. Audit. —111[(1) The balance-sheet and profit and loss account prepared in accordance with section 29 shall be audited by a person duly qualified under any law for the time being in force to be an auditor of companies.]
112[(1A) Notwithstanding anything contained in any law for the time being in force or in any contract to the contrary, every banking shall, before appointing re-appointing or removing any auditor or auditors, obtain the previous approval of the Reserve Bank.
54. Protection of action taken under Act. —(1) No suit or other legal proceeding shall be lie against the Central Government, the Reserve Bank or any officer for anything which is in good faith done or intended to be done in pursuance of this Act.
(2) Save as otherwise expressly provided by or under this Act, no suit or other legal proceeding shall lie against the Central Government, the Reserve Bank or any officer for any damage caused or likely to be caused by anything in good faith done or intended to be done in pursuance of this Act.
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