Allowed

M/S Southern Green Fields Ltd., (in Liqn.) v. Nil

Karnataka HC24 Feb 2022CA/438/2021

Case brief

AI extract

What is this about?

In ACMA No.438/2021, the High Court of Karnataka appointed an auditor for the Official Liquidator of Southern Green Fields Ltd. and fixed remuneration. The court dispensed with service of notice under Section 462(5) of the Companies Act, 1956, permitting audit report upload online, relying on Rule 305 rules.

What did the court decide?

Dispensation of notice under Section 462(5) to creditors and contributories; permission to upload audit report online; appointment of auditor and fixation of remuneration.

M/S Southern Green Fields Ltd., (in Liqn.) Vs Nil — Company and Corporate | Karnataka HC (2022)

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 24^TH DAY OF FEBRUARY, 2022

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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.438/2021 IN COMPANY PETITION NO.107/1999

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BETWEEN:

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M/S. SOUTHERN GREEN FIELDS 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

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(BY SRI. K.S.MAHADEVAN, ADVOCATE)

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AND:

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NIL … RESPONDENT

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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 30.09.2021 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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ORDER

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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

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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.438/2021 is disposed off.

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Sd/-

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JUDGE

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VP

M/S Southern Green Fields Ltd., (in Liqn.) v. Nil

Case brief

What is this about?

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M/S Southern Green Fields Ltd., (in Liqn.) v. Nil

Case brief

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