Case Law Details
O.L. Of Various Companies Vs NA (Gujarat High Court)
Gujarat High Court held that the Company Secretary attached with the office of the Official Liquidator shall be henceforth entitled to be paid remuneration in terms of the Office Memorandum dated 30.11.2018.
Facts- By way of this Official Liquidator Report, the Official Liquidator has requested the Court to increase the consolidated remuneration, which is 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.
It is submitted that as per the above referred Office Memorandum, young professionals in Category-I i.e. 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 i.e. 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. Further, it is also submitted that the young professional with the office of the OL had been covering work on a large number of issues. There is only one Company Secretary working with the office of the OL 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”.
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