Karnataka High Court
M/S Primus Retail Pvt Ltd (In Liqn.) vs Nil on 23 November, 2022
Author: S.R.Krishna Kumar
Bench: S.R.Krishna Kumar
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IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 23RD DAY OF NOVEMBER, 2022
BEFORE
THE HON'BLE MR. JUSTICE S.R.KRISHNA KUMAR
COMPANY APPLICATION NO.270 OF 2022
IN
COMPANY PETITION NO.30 OF 2012
BETWEEN
M/S.PRIMUS RETAIL PVT. LTD., (IN LIQN.)
REPRESENTED BY OFFICIAL LIQUIDATOR
HIGH COURT OF KARNATAKA,
CORPORATE BHAVAN, 12TH FLOOR
RAHEJA TOWERS, NO.26-67, M.G.ROAD
BENGALURU-560 001
...APPLICANT
(BY SRI.K.S.MAHADEVAN, ADVOCATE)
AND
NIL
...RESPONDENT
THIS COMPANY APPLICATION IS FILED UNDER
SECTION 462 (5) 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 31.03.2022 AND FIX REMUNERATION; & ETC.
THIS COMPANY APPLICATION COMING ON FOR
ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING:
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ORDER
On 14.09.2022, this Court passed the following Order:
"For the purpose of Audit as per Section 462 of the Companies Act, 1956, M/s.Varadaraju & Associates, Chartered Accountants, #92/1, Coconut Avenue Road, 11th Cross, Malleshwaram, Bengaluru - 560 003, are appointed and required to furnish the report within a period of four weeks from the date of receipt of this order.
Insofar as the remuneration payable, the official liquidator, after consideration of the nature of work involved would place a proposal keeping in mind the settled guidelines towards payment of professional fee to the Chartered Accountant. On such proposal for fee being placed after the report is submitted, the Court would proceed to pass orders."
2. Pursuant to the aforesaid order, the Chartered Accountant, M/s.Varadaraju & Associates has filed half yearly Audit Report for the period ending 31.03.2022 as contemplated under Section 462 of the Companies Act, 1956. The same is placed on record.
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3. Heard the Official Liquidator and perused the material on record.
4. The Official Liquidator has requested dispensation of notice to the creditors and contributories on the ground that under Rule 305 of the Companies (Court) Rules, 1959, the creditors and contributories are entitled to inspect the accounts and the auditor's certificate, and that there are practical difficulties that would be faced by the Official Liquidator in sending the copies of the audited accounts to each of the contributories and creditors.
5. In view of the aforesaid submission made on behalf of the Official Liquidator, 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 of the Official Liquidator within a period of three weeks from today.
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6. Insofar as the payment of auditor's fees is concerned, the Official Liquidator is permitted to make payment in terms of the guidelines already fixed by this Court relating to payment of auditor's fee for their services rendered.
Accordingly, Company Application No.270 of 2022 is disposed off.
SD/-
JUDGE PKS