2003 (1) TMI 609 - HC - Companies Law

Summary

The High Court of Rajasthan dismissed an application by the Directors of Rajasthan Commercial & Industrial Finance (India) Limited (In Liquidation) under section 454 of the Companies Act, 1956. The application sought dispensation with the preparation of statement of accounts, but the court found it unnecessary as the Official Liquidator already had the records. The court also rejected a prayer for the Official Liquidator to pay for the preparation of the statement of accounts. The court stated that if the Official Liquidator finds the statement of affairs/accounts incomplete or defective, appropriate action can be taken separately. The application was dismissed as infructuous.