CIC to define status of official liquidator
TIMES NEWS NETWORK 15 June 2008
New Delhi: Is the official liquidator — an authority that liquidates assets of companies and divides the stakes between the rightful owners — a public authority?
In a decision that is likely to affect corporates, the Central Information Commission (CIC) will be conducting a full bench hearing to resolve the matter.
The commission has called upon corporate law houses and issued notices to the ministries of law and corporate affairs to submit their opinion on the issue. The hearing is scheduled for August 1.
The notices are in response to a query filed by Mumbai-based Mangesh B Thakore asking for a copy of the report of the official liquidator with regard to the advocates who have been appointed on retainership. The appellant also wanted to know the account from which these advocates are paid their retainership.
The official liquidator is appointed by the Centre but is under directions of the high court. Considering these facts, the Commission felt that it was important to determine whether the office of the official liquidator was an independent public authority. ‘‘As the issue is important from the legal point of view, it was decided that the appeal be heard by a full bench of the Commission,’’ the notice said.
The Commission has also issued notices to the registrar of the Bombay high court, ministry of corporate affairs and ministry of law and justice to file a written submission on the issue.
New Delhi: Is the official liquidator — an authority that liquidates assets of companies and divides the stakes between the rightful owners — a public authority?
In a decision that is likely to affect corporates, the Central Information Commission (CIC) will be conducting a full bench hearing to resolve the matter.
The commission has called upon corporate law houses and issued notices to the ministries of law and corporate affairs to submit their opinion on the issue. The hearing is scheduled for August 1.
The notices are in response to a query filed by Mumbai-based Mangesh B Thakore asking for a copy of the report of the official liquidator with regard to the advocates who have been appointed on retainership. The appellant also wanted to know the account from which these advocates are paid their retainership.
The official liquidator is appointed by the Centre but is under directions of the high court. Considering these facts, the Commission felt that it was important to determine whether the office of the official liquidator was an independent public authority. ‘‘As the issue is important from the legal point of view, it was decided that the appeal be heard by a full bench of the Commission,’’ the notice said.
The Commission has also issued notices to the registrar of the Bombay high court, ministry of corporate affairs and ministry of law and justice to file a written submission on the issue.
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