Karnataka High Court
M/S Mysore Cosmetics Ltd(In Liqn.) vs Nil on 7 January, 2014
Author: Anand Byrareddy
Bench: Anand Byrareddy
1
IN THE HIGH COURT OF KARNATAKA AT BANGALORE
DATED THIS THE 07TH DAY OF JANUARY 2014
BEFORE:
THE HONOURABLE MR. JUSTICE ANAND BYRAREDDY
COMPANY APPLICATION No. 1793 OF 2012
IN
COMPANY PETITION No. 80 OF 2004
BETWEEN:
M/s. Mysore Cosmetics Limited
(in liquidation), represented by
Official Liquidator,
High Court of Karnataka,
Corporate Bhavan,
12th Floor, Raheja Towers,
No.26-27, M.G.Road,
Bangalore - 560 001.
... APPLICANT
(By Shri. K.S. Mahadevan , Advocate for Official Liquidator)
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
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audit the accounts of the Official Liquidator for the half year
ending 30.09.2012 and fix his remuneration and etc;
This Company Application coming on for Orders this day,
the Court made the following: -
ORDER
The audit report is accepted.
2. Insofar as the auditor's fee is concerned, it is noticed that this court, by its order dated 8.6.2007, had considered the need for enhancing the auditor's fee payable and taking into consideration the minimum and maximum fee payable to the auditor, that was fixed in the year 1996 at Rs.110/- and Rs.1,000/-, respectively, had enhanced it to Rs.250/- being the minimum fee payable and Rs.2,000/- being the maximum fee payable.
3. Having regard to the fact that seven years have elapsed since then and given the expenses involved, even towards the clerkage, it is appropriate that the fee be enhanced substantially.
4. Accordingly, the minimum fee payable shall be Rs.500/- and the maximum fee payable shall be Rs.4,000/-. The 3 Official Liquidator is permitted to pay the fee within the above range, in his discretion, having regard to the volume of work involved in the present case.
The requirement under Section 462(5) of the Companies Act, 1956, of furnishing a printed copy of the audited report to each of the creditors, is dispensed with.
The application is accordingly disposed of.
Sd/-
JUDGE nv