HC Deb 21 February 1912 vol 34 cc705-6W

asked the Under-Secretary of State for India if he is aware that until recently the Bank of Bombay, or Presidency Bank, had two auditors, Mr. W. Bullock and Mr. Jamshedji A. Dalal; that, on the death of Mr. Bullock on 9th September, a special general meeting was called to elect a new auditor in his place; that Mr. J. A. Ferguson, a leading chartered accountant in Bombay, and Mr. S. Billimoria, a member of the Parsi community, were nominated, and the latter gentleman was elected, with the result that neither of the auditors is a qualified accountant; can he say whether the Government proposes to exercise any sort of supervision over the election of auditors of the Presidency Banks, namely, the Bank of Bombay, the Bank of Bengal, and the Bank of Madras, having regard to the interests dependent upon them, with a view to securing that at least one of the auditors has the training, knowledge, and experience, and possesses the diploma of a chartered accountant, or other recognised professional qualification; and, if the Government has at present no power of interfering with the action of the shareholders if they elect men without these qualifications, will they consider an alteration of the law to meet the necessities of the case?


The election of auditors for the Bank of Bombay is conducted according to the provisions of The Presidency Banks Act, which do not give the Government of India or the Secretary of State any power of interference in the matter. No alteration of the law is contemplated.