CIB nabs two auditors

In recent months, the auditors have been in news for all the wrong reasons, as they have been partners in financial crimes.

Central Investigation Bureau (CIB) arrested two auditors, who have been involved in auditing Everest Insurance accounts.

The CIB arrested CA Jagdish Agrawal of J Santosh and Company and CA Gopal Agrawal of G K Agrawal and Company from Kathmandu yesterday for their involvement in auditing the accounts of Everest Insurance in the fiscal year 2008-09, 2009-10, 2010-11 and 2011-12.

Everest Insurance former chief executive has been arrested by the CIB for embezzlement of the company fund of Rs 25.09 million for personal purpose, and the two auditors were found to have helped him misuse the company money, according to the CIB.

Likewise, the CIB has today arrested former director of NIDC Capital Market Shivaji Ray Yadav for his involvement in lending of the company fund for wrong purpose and people and helping misuse it.

NIDC Capital markets allotes Public Development Bank's primary shares

NIDC Capital Markets allotted the primary shares of Public Development Bank (PDB) today.Around 27,161 applicants -- including 60 employees of PDB -- got the 600,000-unit primary shares of the development bank.
PDB had received a total of 10,6679 applications seeking 1,70,28,440-unit shares. The bank floated its 60,000-unit Initial Public Offering (IPO) with Rs 100 face value per unit from June 28 to July 1. NIDC Capital Markets allotted it on the 50th day of the closing of the public issue.
According to the IPO Regulation, the primary issue must be allotted between a minimum of 40 days and a maximum of 70 days after closing of the issue -- depending on number of applications. PDB's shares were allotted within 50 days as it received 1,06,679 applicantions.
According to PDB managing director and chairman Kunj Bihari Kayal, it has posted Rs 1.11 million net profit during the fiscal year 2008-09.