ELDER PHARMACEUTICALS LTD. Vs. PUSPASEN C. JHAVERI

JUDGEMENT

(1.) The present report has been filed for seeking directions against the ex-directors of company (in liquidation) to pay Rs.10,06,088.00 being the remaining professional fees of M/s. T.R. Chadha & Co. LLP, Chartered Accountants in terms of the orders of this court dtd. 21/12/2016 and 27/4/2017.

(2.) It is averred in the report that this Court vide order dtd. 21/12/2016 in Company Application (L) No. 731 of 2016 appointed M/s T.R. Chadha & Co. LLP, Chartered Accountants as a Court Commissioner to scrutinize the accounts of the Company, verify the various assets forming the undertaking of the company and prepare a report. This was to be done with a view to ascertain whether it is economically and technically viable to allow the business of respondent company to continue or whether carrying on the business would result in further losses. The cost of such report was to be borne by the directors of respondent company. Out of the total dues of M/s. T.R. Chadha & Co. LLP amounting to Rs.15,06,088.00, an amount of Rs.5,00,000.00 has already been paid. Vide order dtd. 27/4/2017 the Ex-Directors of company were directed to pay the balance amount of fees of T.R. Chadha & Co. LLP, Chartered Accountants.

(3.) Mr. Nihar Ghag instructed by L.H. Hingu and Co., advocates for the Noticee Nos. 1 and 2, tenders order dtd. 21/12/2022 passed in Official Liquidator's Report No. 27 of 2021 and points out in para 16 of the order that the said Noticees were independent directors in non- executive capacity and therefore the prayers qua Noticee Nos. 1 and 2 cannot be sustained. He further submits that Shri Alok Saxena, ex- director of the company passed away on 7/12/2017 and he also pointed out that this Court was pleased to reject the prayer of the Official Liquidator against the said Noticees for filing the Statement of Affairs. He therefore submitted that the above Official Liquidator's Report be dismissed.