Disposed

M/S the Mysore Acetate and Chemicals Co. Ltd. (in Liqn) v. Nil

Karnataka HC16 Mar 2021CA/203/2020

Case brief

AI extract

What is this about?

The High Court of Karnataka disposed of a company application by granting permission to dispense with notice to creditors and contributories for uploading the half-year audit report on the website and permitting the Official Liquidator to pay the auditor based on court guidelines.

What did the court decide?

Notice to creditors and contributories was dispensed with; Official Liquidator permitted to make auditor fee payment per court guidelines; application disposed off.

M/S the Mysore Acetate and Chemicals Co. Ltd. (in… — Company and Corporate | Karnataka HC (2021)

¶1

¶2

IN THE HIGH COURT OF KARNATAKA AT BENGALURU

¶3

DATED THIS THE 16^TH DAY OF MARCH 2021

¶4

BEFORE

¶5

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

¶6

COMPANY APPLICATION NO.203/2020 IN COMPANY PETITION NO. 45/2001

¶7

BETWEEN:

¶8

M/S. THE MYSORE ACETATE AND CHEMICALS CO. 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.

¶9

… APPLICANT

¶10

(BY SRI JAGADEESHGOUD PATIL, ADVOCATE)

¶11

AND:

¶12

NIL … RESPONDENT

¶13

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.

¶14

¶15

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

¶16

ORDER

¶17

The Official Liquidator has filed an application placing

¶18

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

¶20

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

¶21

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.

¶22

¶23

Insofar as the payment of auditor’s fee is concerned, Official Liquidator is permitted to make payment in terms of the guidelines settled by this Court relating to payment of auditor’s fee for their services rendered.

¶24

Accordingly, C.A.No.203/2020 is disposed off.

¶25

Sd/JUDGE

¶26

VP

M/S the Mysore Acetate and Chemicals Co. Ltd. (in Liqn) v. Nil

Case brief

What is this about?

What did the court decide?

M/S the Mysore Acetate and Chemicals Co. 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

M/S. Godrej and Boyce Mfg.Co.Ltd. Vs Mangalore Refinery and Petrochemicals Ltd.

M/S Medreich Limited Vs the Union of India

Sportz Village Foundation Vs Siva Sivani Educational Institution Society

M/S. Blue Crystal Agro Chemicals Ltd. (in Liqn) Vs Nil

M/S Intermodel Transport Technology System Vs Nil

M/S Bpl Net Com Ltd. Vs Nil