Company Secretary Attached with Official Liquidator (OL) Office Entitled to Remuneration as per OM dated 30.11.2018: Gujarat HC Allows OL Report [Read Order]

A Single Bench of Gujarat High Court has allowed the Official Liquidator report holding that the company secretary attached with the Official Liquidator (OL) office would be entitled to remuneration as per Office Memorandum (OM) dated 30.11.2018.

Bhoomi Thakore on behalf of the Official Liquidator Dip Narayan Chowdhury through Official Liquidator Report had requested the Court to increase the consolidated remuneration, which was being paid to the Company Secretary attached with the office of the Official Liquidator in line with the monthly remuneration as being paid to young professionals like Company Secretaries, Chartered Accountants, etc., as per the terms of the Circular of Ministry of Corporate Affairs being OM No.A-45011/15/2018-Ad.I dated 30.11.2018.

In the report filed by the Official Liquidator, Dip Narayan Chowdhury, it was submitted that young professionals in Category-I having 3 to 5 years’ experience in the relevant category would be entitled to remuneration in the range of Rs.40,000/- – Rs.50,000/- per month and whereas young professionals in Category-II having experience between 5 to 10 years would be entitled to remuneration at the rate of Rs.60,000/- - Rs.70,000/- per month.

The young professionals in Category-I would also be entitled to Conveyance Allowance at the rate of Rs.1,000/- per month and whereas young professionals in Category-II would be entitled to Conveyance Allowance at the rate of Rs.1,500/- per month.

The young professional with the office of the OL had been covering work on a large number of issues and at present, there was only one Company Secretary working with the office of the Official Liquidator since 1.5.2018, earning a consolidated salary at the rate of Rs.30,000/- and whereas such remuneration was being paid from the funds available with the OL under the head of “Common Pool Account”.

Thakore also submitted that the Company Secretary attached with the office of the OL for High Court of Karnataka was also being paid remuneration as per the terms of the Office Memorandum (OM).

A Single Bench of Justice Nikhil S. Kariel allowed the Official Liquidator Report, holding that the Company Secretary attached with the office of the OL would be entitled to be paid remuneration in terms of the Office Memorandum (OM) dated 30.11.2018.

To Read the full text of the Order CLICK HERE

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