M.G. ROAD v. Karnataka

M/S. THE MYSORE ACETATE AND CHEMICALS CO. LTD., (IN LIQN) REPRESENTED BY OFFICIAL LIQUIDATOR, HIGH COURT OF KARNATAKA, CORPORATE BHAVAN, 12TH FLOOR, RAHEJA TOWERS, NO.26-27, M.G. ROAD, BANGALORE - 560 001. (BY SRI. JAGADEESHGOUD PATIL, ADVOCATE) …APPLICANT AND: NIL Digitally signed by V KRISHNA Location: High Court of Karnataka …RESPONDENT THIS COMPANY APPLICATION IS FILED UNDER SECTION 462 OF THE COMPANIES ACT, 1956, R/W RULE 11(B) AND 298 OF THE COMPANIES (COURT) RULES, 1956, PRAYING TO TAKE ON RECORD OF THE REPORT OF SUJATHA G CHARTERED ACCOUNTANT IN C.A. NO.408/2023 AS IN ANNEXURE "B" FOR THE PERIOD FROM 01.04.2023 TO 30.09.2023 AND ETC., THIS COMPANY APPLICATION, COMING ON FOR ORDERS, THIS DAY, THE COURT MADE THE FOLLOWING: NC: 2024:KHC:19868 CA No. 122 of 2024 IN COP No. 45 of 2001 - 2 - ORDER 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.

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.

Insofar as the payment of auditor’s fee is concerned, Official Liquidator is permitted to make payment in terms of the guidelines settled by this Court - 3 - NC: 2024:KHC:19868 CA No. 122 of 2024 IN COP No. 45 of 2001 relating to payment of auditor’s fee for their services rendered.

Accordingly, C.A.No.122/2024 is disposed off. Sd/- JUDGE MCR