The Banks shall have its own eligibility criteria for empanelment of Forensic Auditors.

Following is one of the important eligibility criteria for empanelment of Forensic Auditors which Banks are having in their list.

The name of the Firm/Company or its promoter/partner etc. should not be in the defaulters/barred/caution list published/displayed at websites of public bodies such as by RBI/IBA/ECGC/SEBI/CICs etc.

As per above mentioned criteria, name of the forensic auditor firm / company or its promoter / partner etc. should not be in the defaulter list published / displayed at website of public bodies.

For example, as per list of eligibility criteria for empanelment of Forensic Auditors published by following Banks have above mentioned eligibility criteria:

1. State Bank of India
2. Bank of Maharashtra
3. Punjab National Bank
4. Canara Bank

GD Apte & Co., Chartered Accountants has inter alia two partners being, (i) Chintaman Mahadev Dixit, and (ii) Prakash Purushottam Kulkarni who are also designated partners of one LLP having name Catalyst Resolution Professionals LLP.

As per the records of the Registrar of Companies which are published on the website of the Ministry of Corporate Affairs (Public Body website), the said Mr. Chintaman Mahadev Dixit and Mr. Prakash Purushottam Kulkarni are showing an affirmative Defaulting Status qua Catalyst Resolution Professionals LLP with effect from 29/01/2018.

As on date also partners of GD Apte & Co. are shown on the defaulter list as per Ministry of Corporate Affairs records due to their partnership in Catalyst Resolution Professionals LLP.

Further, as per records of Registrar of Companies Mr. Chintaman Mahadev Dixit was also Director of "Pandit Automotive Private Limited" from 01/02/2010 to 20/04/2012.

As per information available on the website of Experian credit information website https://www.experian.in/ "Pandit Automotive Private Limited" declared as Wilful Defaulter by Banks. It means Mr. Chintaman Mahadev Dixit was also Director of the Company which is declared as Wilful Defaulter by Banks

In view of above information and records, GD Apte & Co., Chartered Accountants shall not be eligible to empanel as Forensic Auditor with Banks to conduct the forensic audit specifically on or after 29/01/2018 [date of default as per the records of the Registrar of Companies which are published on the website of the Ministry of Corporate Affairs (Public Body website)].

Written By: ICAI Update Team