 "punjab national bank, pnb")
The Indian lenders led by Punjab National Bank ignored warnings from the auditor of Gitanjali Gems in March 2017 that the latter has defaulted to loans of Life Insurance Corporation.
According to Ford, Rhodes and Parks LLP, the auditor of BSE-listed Gitanjali Gems, the company defaulted to LIC for the year ending March 2017 and drew the attention of shareholders to 12 per cent Non convertible debentures issued to LIC where the company had not paid principal and interest dues of Rs 35 million. “Further, the company has not created liquid assets of Rs 15 million as per rules,” the
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