A picture of the saw would certainly help. I recently worked on a cheap saw where the holes in the plate had been punched, not drilled. I'm not sure how it was done but the extraneous steel had not been removed but was left on the saw plate as a kind of integrated ferrule pointing out from (the right side, I think) of the saw plate. The handle had then been fitted to the saw plate by bending the kerf open and seating the handle holes over the protruding ferrule (or hosel) of the saw plate. The idea behind this must have been to create a solid seating for the handle.
http://www.flickr.com/photos/finnberg68 ... 105083983/
My handle was not glued on. I through it might have been stuck with rust, but after banging the handle about for some time I realized there was something else preventing me from removing the handle. So I made a couple of thin wedges and knocked them in between the saw plate and handle sides. Not fool proof by any means, but since my saw was also a practice saw, I didn't feel too bothered about splitting the handle in halves.
I should have taken pictures of my saw plate as it was, but was too annoyed to think of it. I sawed and filed the hosels off and replaced the nuts with stronger ones. But on a saw like mine I can certainly understand why this was done. The two screws didn't provide sufficient pressure to the handle to keep it steady on the saw plate. Only by changing to deeper and stronger screws was I able to secure the handle without the help of this ferrule.