This is to bring to your kind attention that due to a direction from Punjab Vat department, HDFC bank has freezed IBMA’s settlement and client account with the bank. Due to this IBMA is unable to release the payout of Rs. 98,78,775.94/- received from NSEL for this week. We are speaking to the authorities and are hopeful of a solution in few weeks. Meanwhile we shall make arrangements for future pay outs to reach investors without any hurdle.
In view of request made by statutory auditors as per standard on Auditing SA-560, no reliance may be kept on audited financial statements for FY, 12-13 dated
16-5-2013 in case of Indian Bullion Markets Association.