Disposed

M/S Cosmos Watch Industries Ltd. (in Liqn) v. Nil

Karnataka HC7 Apr 2021CA/220/2020

Case brief

AI extract

What is this about?

The Karnataka High Court disposed of an application by the Official Liquidator of Cosmos Watch Industries Ltd. to appoint an auditor and deviate from the requirement of sending physical copies of audited accounts to creditors and contributories, allowing online posting instead, while permitting fee payment per court guidelines.

What did the court decide?

Notice under Section 462(5) of the Companies Act, 1956 to creditors and contributories dispensed with; audited accounts to be uploaded online; auditor fee payment permitted per court guidelines.

M/S Cosmos Watch Industries Ltd. (in Liqn) Vs Nil — Company and Corporate | Karnataka HC (2021)

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 7^TH DAY OF APRIL, 2021

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BEFORE

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

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COMPANY APPLICATION NO.220/2020 IN COMPANY PETITION NO.53/2009

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BETWEEN:

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M/s.Cosmos Watch Industries 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-560001.

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(By Ms.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, 1959, 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.,

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This Company Application coming on for Orders, this day, the Court made the following:

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O R D E R

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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.

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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.

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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.

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Accordingly, C.A.No.220/2020 is disposed

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off.

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Sd/JUDGE

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M/S Cosmos Watch Industries Ltd. (in Liqn) v. Nil

Case brief

What is this about?

What did the court decide?

M/S Cosmos Watch Industries Ltd. (in Liqn) v. Nil

Case brief

What is this about?

What did the court decide?

What the court decided

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