Empanelment of CAs for office of Official Liquidator, High Court of Gujarat

Empanelment of CAs for office of Official Liquidator, Gujarat High Court

EMPANELMENT NOTICE

Application for Empanelment of Chartered Accountants for the office of the Official Liquidator, High Court of Gujarat

The Background:
The Official Liquidator (OL) had sought permission of the Hon’ble High Court of Gujarat for the payment to be made to a Chartered Accountants firm towards professional fees for verification of claims of Secured Creditors, Workers, Unsecured Creditors, others and Shareholders / Contributories under section 529, 529-A and 530 of the Companies Act, 1956.

Although there was no issue on the details furnished by the CA of its working, The Hon’ble High Court noticed the need of delving deeper into the subject of allocation, retainership etc. of CAs.

The Court required production of the Scheme, containing the terms and conditions for the engagement of Chartered Accountants for the office of the OL.

It was noted that the said Scheme was formulated in 2009 and provided for the term of engagement or empanelment, eligibility, qualification, selection procedure, headquarters of the Chartered Accountants, their duties, both on retainer-ship basis and on assignment basis etc., the provision for reimbursement for traveling outside the headquarter and other miscellaneous details.

The Court noticed that as per the list of the Chartered Accountants, empaneled, some of them were engaged on retainership basis, the others are engaged on assignment basis. Further, there are certain Chartered Accountants, who fall in both the above categories.

It was found that the total number of the empaneled Chartered Accountants was 106 and out of them, 45 of them were given the work on assignment basis, whereas, the number of Chartered Accountants, acting exclusively as retainers, was 6 and the number of those, who fall in both these categories, was 55.

The Hon’ble Court set a deadline for furnishing the details of the exact nature and quantity of work taken by the Office of the OL from the retainers, the actual work, which was being taken from these retainers, with the figures of payment made each year. Also OL was directed to justify the empanelment of CAs on retainer-ship basis.

The Court also noted that the said Scheme had come into being in 2009 and the penal had also been made in the year 2009 and the same had continued till date and no freshers CAs had been invited for the empanelment nor had been given the opportunity.

The Hon’ble High Court while allowing the payment of fee to CA firm, opined that  it is high time for the Office of the OL to look into the entire issue deeply. 

Accordingly, In compliance of the order of the High Court, the Official Liquidator, Gujarat High Court  Ahmedabad has invited applications from from aspiring Chartered Accountants and / or firms of Chartered Accountants who are having valid Membership No. and certificate of practice issued by the Institute of Chartered Accountants of India.

It is desirable that applicants shall be empaneled with the any Nationalized Banks / reputed companies / Government Organizations / OL offices and having good past records for empanelment in the panel of Chartered Accountants for the Office of the Official Liquidator, High Court of Gujarat.

The prescribed application form is hereunder. The duly filled in physical application along-with supporting documents in all respect should be submitted in sealed cover to the Office of:

(M.K. SAHU)ICLS
OFFICIAL LIQUIDATOR,
JIVABHAI CHAMBER, ASHRAM ROAD,
OPP. BATA SHOW ROOM, AHMEDABAD-380 009.
Phone No.: (079) 2658 1912

Format of Application for Empanelment of CAs for the office of the Official Liquidator, High Court of Gujarat

* Applicants are required to submit self-certified copy of supporting documents to prove their credentials. Kindly note that in absence of supporting documents application shall be rejected by the Selection Committee summarily.
** Applicants are required to submit self-certified copy of appointment / assignment letters issued by concerned organization / institute as well as experience certificate thereof.
*** Applicants should furnish declaration to that effect that they have not been de-barred by the any institution / organization

The application must be undersigned on or before 21.10.2019 upto 04.00 PM. Chartered Accountants who are already on the panel of the undersigned are also required to submit fresh application for consideration.

After shortlisting of suitable Chartered Accountants by the Selection Committee, the same shall be placed before the Hon’ble High Court of Gujarat for approval name of Chartered Accountants in the panel of the Office of the Official Liquidator as per the scheme of Chartered Accountants approved by the Hon’ble High Court of Gujarat.

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