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Auditor’s report to contain
specified matters
33. In addition to the report
made by the auditor under section 227 of the Companies Act, 1956 (1 of 1956)
on the accounts of a housing finance company after the commencement of these
Directions, the auditor shall make a report to the Board of Directors of the
company on the matters specified in paragraphs 34 and 35 below.
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Matters to be included in the
auditor’s report
34. The auditor’s report on the
accounts of a housing finance company shall include a statement on the
following matters, namely :-
(i) where the housing finance
company was incorporated before 12th June, 2000 –whether it has applied for registration as
required under section 29A of the National Housing Bank Act, 1987 and whether
it has received any communication from NHB about grant or refusal of
certificate of registration to it;
(ii) where the housing finance
company was incorporated on or after 12th June, 2000 – whether it
has obtained a certificate of registration from National Housing Bank;
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(iii) whether the housing
finance company has complied with the liquidity requirements as specified
under Section 29B of the National Housing Bank Act, 1987 and kept the
securities with the designated bank;
(iv) whether the housing
finance company has complied with Section 29C of the National Housing Bank
Act, 1987;
(v)
whether the housing finance company has complied with the provisions of these Directions;
(vi) whether the
capital adequacy ratio as disclosed in the return submitted to National
Housing Bank has been correctly determined and whether such ratio is in
compliance with the minimum capital to risk weighted asset ratio as prescribed
by the National Housing Bank in these Directions,
(vii) where the
housing finance company is accepting/ holding public deposits – whether
(a) public deposits accepted by the housing
finance company are within admissible limits;
(b) total borrowings of the housing finance
company i.e. deposits inclusive of public deposits together with the amounts
referred to in sub-clauses (iii) to (vii) of sub-section (bb) of Section 45 I
of the Reserve Bank of India Act, 1934 and loans or other assistance from the
National Housing Bank are within the limit prescribed in these Directions;
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(c) the deposits in excess of the admissible
limit held by the housing finance company have been regularised in the manner
stipulated by National Housing Bank;
(d) the credit
rating for deposits i.e _________ (mention the rating) assigned by the credit
rating agency viz., ______________ (name of the agency) on __________(the
date) is in force and the aggregate amount of deposits outstanding as at any
point during the year has exceeded the limit specified by the rating agency;
(e) the housing
finance company has defaulted in paying to its depositors the interest and/or
principal amounts of deposits after such interest and/or principal became
due;
(f) in case of
opening of new branches or offices for acceptance of public deposits or
closure of branches or offices, the housing finance company has complied with
the relevant provisions of these Directions.
(viii) where the
housing finance company is not accepting/ holding public deposits – whether
(a) the Board of
Directors has passed a resolution for non-acceptance of any public deposits;
(b) the company has accepted any public deposits
during the relevant period/ year;
(c) the company
has complied with prudential norms.
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Reasons to be stated for
unfavourable or qualified statement
35. Where, in the auditor’s
report, the statement regarding any of the items referred to in paragraph 34
above is unfavourable or qualified, the auditor’s report shall also state the
reasons for such unfavourable or qualified statement, as the case may be.
Where the auditor is unable to express any opinion on any of the items
referred to in paragraph 34 above, the auditor’s report shall indicate such
fact together with reasons therefor.
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Obligation of auditor to report
to the National Housing Bank
36. Where, in the case of a
housing finance company, the statement regarding any of the items referred to
in paragraph 34 above is unfavourable or qualified or in the opinion of the
auditor the company has not complied with the provisions of these Directions
or the provisions of chapter V of the National Housing Bank Act, 1987, it
shall be the obligation of the auditor to make a report containing the
details of such unfavourable or qualified statements and/or about the
non-compliance, as the case may be, in respect of the company to head office
of the National Housing Bank at New Delhi.
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DIRECTIONS TO AUDITORS - Housing Finance Regulatory
