V.K SHARMA Vs. NEMO

JUDGEMENT

(1.) The appellant is aggrieved by the fact that concerning an application for public examination of the persons named in the application the learned Single Judge has issued notice to the persons concerned applying the principle of natural justice audi alteram partem.

(2.) Learned counsel for the Official Liquidator does not dispute the position that the Serious Fraud Investigating Office, under the Union Government has submitted reports concerning land of the company in liquidation in the State of Andhra Pradesh and also by the Income Tax department.

(3.) The appellant may not have a right to take the lead role in the public examination of any person, but as the ex-Director of the company in liquidation would have a stake in the assets of the company being available to pay the creditors. Learned counsel for the Official Liquidator concurs by stating that public examination of persons is at the discretion of the court, to be exercised as per law and that while conducting the public examination the court can take assistance of any person. Sec. 478 of the Companies Act, 1956 envisages that any person can be examined publicly to disclose the assets of a company in liquidation and such other relevant information as would be helpful in the liquidation of the company.