Disposed

M/S Karnataka Infrastructure Pvt. Ltd., (in Liqn.) v. Nil

Karnataka HC9 Mar 2021CA/180/2020

Case brief

AI extract

What is this about?

The High Court of Karnataka allowed an application by an Official Liquidator to appoint an auditor for half-yearly accounts under Section 462 of the Companies Act, 1956. The Court dispensed with notice to creditors and contributories and permitted payment of fees based on Court guidelines.

What did the court decide?

Auditor appointed; notice to creditors and contributories dispensed with; Official Liquidator permitted to pay auditor fees as per Court guidelines.

M/S Karnataka Infrastructure Pvt. Ltd., (in Liqn.)… — Company and Corporate | Karnataka HC (2021)

¶1

¶2

IN THE HIGH COURT OF KARNATAKA AT BENGALURU

¶3

DATED THIS THE 9^TH DAY OF MARCH 2021

¶4

BEFORE

¶5

THE HON'BLE MR.JUSTICE S. SUNIL DUTT YADAV

¶6

COMPANY APPLICATION NO. 180/2020 IN

¶7

COMPANY PETITION NO. 11/1986

¶8

BETWEEN:

¶9

M/S. KARNATAKA INFRASTRUCTURE PVT. LTD., (IN LIQN.), REPRESENTED BY OFFICIAL LIQUIDATOR, HIGH COURT OF KARNATAKA, CORPORATE BHAVAN, 12^TH FLOOR, RAHEJA TOWERS, NO.26-27, M.G. ROAD, BENGALURU - 560 001. … APPLICANT

¶10

(BY SMT. KRUTIKA RAGHAVAN, ADVOCATE)

AND:

NIL

… RESPONDENT

THIS COMPANY APPLICATION IS FILED UNDER SECTION 462 OF THE COMPANIES ACT, 1956 READ WITH RULES 11(B) AND 298 OF THE COMPANIES (COURT) RULES, 1956, PRAYING TO APPOINT AN AUDITOR TO AUDIT THE ACCOUNTS OF THE OFFICIAL LIQUIDATOR FOR THE HALF YEAR ENDING 31.03.2020 AND FIX HIS REMUNERATION, AND ETC.

¶15

THIS COMPANY APPLICATION COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:

¶16

¶17

ORDER

¶18

The Official Liquidator has filed an application placing on record half yearly audit report as contemplated under Section 462 of the Companies Act, 1956. The same is taken note of.

¶19

Insofar as the request for dispensation of notice to the creditors and contributories, it is submitted that in terms of Rule 305 of the Companies (Court) Rules, 1959, creditors and contributories are entitled to inspect the accounts and the auditor’s certificate and that there are practical difficulties in sending copies of the audited accounts to each of the contributories. In light of the same, notice as contemplated under Section 462(5) of the Companies Act, 1956 to the contributories and creditors is dispensed with, taking note of the undertaking that the audit report would be uploaded in the website

¶20

Insofar as the payment of auditor’s fee is concerned, Official Liquidator is permitted to make payment

¶21

¶22

in terms of the guidelines settled by this Court relating to payment of auditor’s fee for their services rendered.

¶23

Accordingly, C.A.No.180/2020 is disposed off.

¶24

Sd/JUDGE

¶25

VP

M/S Karnataka Infrastructure Pvt. Ltd., (in Liqn.) v. Nil

Case brief

What is this about?

What did the court decide?

M/S Karnataka Infrastructure Pvt. Ltd., (in Liqn.) v. Nil

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Ms. Maramreddy Kaavya Vs M/S. Opus Developers and Builders

Royal Orchid Associated Hotels Private Limited Vs Summer Estates and Builders

Capacite Infra Projects Ltd. Vs M/S Siddha Sheka Developers LLP

Sri Aroon Raman Vs Union of India

M/S Inabling Technologies Pvt. Ltd. Vs Nil

M/S Tulunadu Finance and Developments Ltd. (in Liqn) Vs Nil