Disposed¶34

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

Karnataka HC24 Jul 2025CA/514/2024

Case brief

AI extract

What is this about?

Official Liquidator audit report; acceptance of audit report; dispensation of notice to creditors and contributories; hosting of audit report on Official Liquidator's website; payment of Chartered Accountant's fees; Companies Act 1956 Sections 462, 462(5); Companies (Court) Rules 1959 Rules 11(b), 298, 304; M/s Southern Green Fields Ltd (In Liqn); Company Petition No. 107 of 1999; CA No. 514 of 2024; NC: 2025:KHC:28369; High Court of Karnataka; Justice Ashok S. Kinagi; disposed on 24-07-2025.

What did the court decide?

Audit report accepted; notice to creditors and contributories dispensed with on the Official Liquidator's undertaking to host the report on the OL website (Rule 304, Companies (Court) Rules, 1959); Official Liquidator directed to pay the Chartered Accountant's fees as ordered earlier. ¶34

M/S Southern Green Fields 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, as contemplated under Section 462 of the Companies Act, 1956, should be accepted. +1 more

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Court's answer

The Audit report placed on record by the Official Liquidator is accepted for the reasons stated therein.

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Ratio / Principle

Notice to the creditors and contributories under Section 462(5) of the Companies Act, 1956 is dispensed with on the Official Liquidator's submission/assurance 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 ordered by this Court earlier.ratio¶33

Detailed headnote1 paragraphs

High Court of Karnataka at Bengaluru (Ashok S. Kinagi, J.), oral order dated 24-07-2025 in Company Application No. 514 of 2024 in Company Petition No. 107 of 1999 — M/s Southern Green Fields Ltd. (In Liqn.) rep. by the Official Liquidator, High Court of Karnataka v. Nil: The Official Liquidator's application 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 Official Liquidator's accounts for the half year ending 30.09.2024 and fix remuneration, was disposed of. The Audit report placed on record under Section 462 was accepted for the reasons stated therein; notice to the creditors and contributories under Section 462(5) was dispensed with on the Official Liquidator's assurance that the Audit report would be hosted on the Official Liquidator's website so as to enable inspection by them in terms of Rule 304 of the Companies (Court) Rules, 1959; and the Official Liquidator was directed to pay the fees to the Chartered Accountant as ordered by the Court earlier.

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NC: 2025:KHC:28369 CA No. 514 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. 514 OF 2024 IN

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COMPANY PETITION No. 107 OF 1999

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BETWEEN:

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M/S SOUTHERN GREEN FIELDS 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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THIS APPLICATION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER:

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NC: 2025:KHC:28369 CA No. 514 of 2024

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HC-KAR

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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 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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