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M/S Sharvani Pharma Pvt. Ltd., (in Liqn) v. Nil

Karnataka HC24 Jul 2025CA/511/2024

Case brief

AI extract

What is this about?

Sharvani Pharma Pvt Ltd (in liquidation); Official Liquidator, High Court of Karnataka; audit report acceptance under S.462 Companies Act 1956; notice to creditors and contributories dispensed with (S.462(5)); hosting of audit report on OL website; Rule 304, Rules 11(b) and 298 Companies (Court) Rules 1959; Chartered Accountant fees; half year ending 30.09.2024; HC-KAR, Bengaluru; 24-07-2025; NC: 2025:KHC:28366; CA No. 511 of 2024 in CP No. 219 of 2000; disposed.

What did the court decide?

Application disposed of: Audit Report accepted; notice to creditors and contributories under Section 462(5) dispensed with in view of the undertaking to host the report on the Official Liquidator's website for inspection (Rule 304); Official Liquidator directed to pay the Chartered Accountant's fees as ordered earlier. ¶34

M/S Sharvani Pharma Pvt. Ltd., (in Liqn) Vs Nil — Company and Corporate | Karnataka HC (2025)

What the court decided

AI extract

Outcome

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Issue for consideration

Whether the Audit Report placed on record by the Official Liquidator pursuant to Section 462 of the Companies Act, 1956 should be accepted, and whether notice to the creditors and contributories contemplated under Section 462(5) of the Companies Act, 1956 can be dispensed with. +1 more

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Court's answer

The Audit Report placed on record by the Official Liquidator under Section 462 of the Companies Act, 1956 is accepted for the reasons stated therein.

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Ratio / Principle

Notice to the creditors and contributories, as contemplated under Section 462(5) of the Companies Act, 1956, is dispensed with on the Official Liquidator's submission/undertaking that the Audit Report will be hosted on the Official Liquidator's website so as to enable inspection by the creditors and contributories in terms of Rule 304 of the Companies (Court) Rules, 1959.

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Key takeaways

The Official Liquidator is directed to make payment of the fees to the Chartered Accountant as already ordered by this Court earlier; the quantum is governed by the earlier order and is not restated in this order.ratio¶33

Detailed headnote1 paragraphs

High Court of Karnataka (Ashok S. Kinagi, J.) — Company Application No. 511 of 2024 in Company Petition No. 219 of 2000 (NC: 2025:KHC:28366), decided 24-07-2025. Filed by the Official Liquidator for M/s Sharvani Pharma Pvt. Ltd. (In Liquidation) under Section 462(5) of the Companies Act, 1956 r/w Rules 11(b) and 298 of the Companies (Court) Rules, 1959, praying for appointment of an auditor to audit the Official Liquidator's accounts for the half year ending 30.09.2024 and fixation of remuneration. Held: (i) the Audit Report placed on record under Section 462 is accepted for the reasons stated therein; (ii) notice to creditors and contributories under Section 462(5) is dispensed with on the Official Liquidator's undertaking that the Audit Report will be hosted on the Official Liquidator's website to enable inspection by creditors and contributories in terms of Rule 304 of the Companies (Court) Rules, 1959; (iii) the Official Liquidator is directed to pay the fees of the Chartered Accountant as ordered by the Court earlier. Application disposed of.

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NC: 2025:KHC:28366 CA No. 511 of 2024

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HC-KAR

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 24^TH DAY OF JULY, 2025

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BEFORE

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THE HON'BLE MR. JUSTICE ASHOK S.KINAGI

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COMPANY APPLICATION NO. 511 OF 2024 IN

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COMPANY PETITION No.219 OF 2000

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BETWEEN:

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M/S SHARVANI PHARMA PVT. LTD. (IN LIQN). REP. 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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…APPLICANT

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(BY SRI. K.S. MAHADEVAN, FOR OL)

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Digitally signed by KIRAN KUMAR R Location: HIGH COURT OF KARNATAKA

AND:

NIL

…RESPONDENT

(RESPONDENT-NIL)

THIS COMPANY APPLICATION IS FILED UNDER SECTION 462(5) OF THE COMPANIES ACT, 1956, R/W RULES 11(b) AND 298 OF THE COMPANIES (COURT) RULES, 1959, PRAYING TO APPOINT AN AUDITOR TO AUDIT THE ACCOUNTS O F THE OFFICIAL LIQUIDATOR FOR THE HALF YEAR ENDING 30.09.2024 AND FIX THE REMUNERATION.

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NC: 2025:KHC:28366 CA No. 511 of 2024

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HC-KAR

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THIS APPLICATION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER:

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CORAM: HON'BLE MR. JUSTICE ASHOK S.KINAGI

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ORAL ORDER

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The Official Liquidator has filed an application placing

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on record the Audit report, as contemplated under Section 462 of the Companies Act, 1956.

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The Audit report is accepted for the reasons stated therein and notice to the creditors and contributories as contemplated under Section 462(5) of the Companies Act, 1956 is dispensed with on the submission of the Official liquidator as the assurance this Audit report would be hosted in the Official Liquidator's website so as to enable the inspection by the creditors and contributories in terms of Rule 304 of the Companies (Court) Rules, 1959.

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