Kashmir unrest prevents J&K Bank from finalising accounts

Chennai, Nov 12 (IANS) Jammu & Kashmir Bank Ltd has said it has not finalised its accounts for the quarter ended September 30, 2016 due to temporary asset impairment owing to prevailing political unrest in the state.

In a regulatory filing in BSE on Friday, the bank said it has informed the stock exchange that it has approached Reserve Bank of India (RBI) for a special dispensation addressing the concern of temporary asset impairment due to prevailing political unrest in Kashmir Valley.

“The approval for the said request made to Reserve Bank of India (RBI) is still awaited, pending which the Bank have not been able to finalize Bank’s financials for the period under review,” it said.

The bank has requested the Securities and Exchange Board of India (SEBI) for grant of extension in the stipulated 45 days timeline for submission of reviewed financial results till November 30th, 2016 and waiver of penalty for delay in submission beyond stipulation.