Application by the Official Liquidator to place Audit Reports and Bank Reconciliation Statements of the Common Pool Account for financial years 2017-18 to 2021-22 on record. The Court allowed the report based on the submitted documents.
The report of the Official Liquidator was allowed and disposed of accordingly.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
C/OLR/42/2022 ORDER DATED: 12/07/2022
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/OFFICIAL LIQUDATOR REPORT NO. 42 of 2022
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OL OF M/S VARIOUS COMPANIES (IN LIQN)
Versus
NA
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Appearance:
MS BHOOMI M THAKORE(6237) for the Applicant(s) No. 1
for the Respondent(s) No. 1
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CORAM: HONOURABLE MS. JUSTICE VAIBHAVI D. NANAVATI
Date : 12/07/2022
ORAL ORDER
1.Heard Ms. Bhoomi Thakore, the learned advocate appearing for the applicant–Official liquidator.2.The applicant herein has preferred the present report seeking the following reliefs :-"i. This Hon’ble Court may be pleased to
take on record the Audit Reports of the
Common Pool Account for the Financial Years
2017-18 to 2021-22 and Bank Reconciliation
Statement of Common Pool Account for the
period from 01.04.2017 to 31.03.2022 as
mentioned at Para No.5 of the report.
ii. Such other and further orders and
directions as may be considered just and
appropriate may also be passed."
3.Ms. Bhoomi Thakore, the learned advocate appearing for the applicant–Official liquidator submits that in order to enhance the accuracyPage 1 of 3
C/OLR/42/2022 ORDER DATED: 12/07/2022
and transparency of the Common Pool Account the
Ministry of Corporate Affairs has directed all
the Official Liquidators to conduct audit of the
Common Pool Account on timely basis. The
Official Liquidator has initiated a
comprehensive audit as well as reconciliation of
Common Pool Account maintained by the Office of
the Official Liquidator. Ms. Bhoomi Thakore, the
learned advocate further submits that as
directed by the Regional Director (NWR),
Ministry of Corporate Affairs in the meeting of
all the Official Liquidators held on 20.09.2019
at Ahmedabad to conduct audit of Common Pool
Account and submit audit reports. In compliance
of the aforementioned direction of the Ministry
this office has appointed a Chartered Accountant
Firm from the Panel of the Chartered Accountants
approved by this High Court for carrying out
Audit and Bank Reconciliation of Common Pool
Account for the Financial Year 2012-13 to
Financial Year 2016-17. Ms. Bhoomi Thakore, the
learned advocate submits the said audit report
of the Common Pool Account were taken on record
by this Court vide order dated 22.02.2018. Ms.
Bhoomi Thakore, the learned advocate further
submitted that an audit of Common Pool Account
for the Financial Year 2017-18 and 2018-19 were
allocated to M/s. Kiran Shah % Associates,
Chartered Accountants and M/s. C.P. Jain & Co.,
Chartered Accounts, respectively. Further, an
audit of Common Pool Account for the Financial
Page 2 of 3
C/OLR/42/2022 ORDER DATED: 12/07/2022
Year 2019-20, 2020-21 and 2021-22 were allocated
to M/s. M K Shah & Co., Chartered Accountants,
an audit for the aforementioned period has been
completed and Audit Reports as well as Bank
Reconciliation Statements for the abovementioned
Financial Years has also been received from the
Chartered Accounts
4.In view of above, having gone through the documents as produced along with the present report and the submissions canvassed by Ms. Bhoomi Thakore, the leaned advocate appearing for the applicant requires consideration.5.In view of the above, this Report is allowed in terms of prayer made in paragraph No.9.6.The Report of the Official Liquidator is disposed of accordingly.(VAIBHAVI D. NANAVATI,J)
Pallavi
Page 3 of 3
1 issue framed by the court
Whether the Report submitted by the Official Liquidator seeking to place Audit Reports and Bank Reconciliation Statements on record should be allowed.
Official Liquidator of M/s Various Companies
Respondent No. 1
Vaibhavi D. Nanavati
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court