304. Audit fees
(1) Audit fees according to the following scale on the gross amount brought to credit, including the produce of calls on contributories, interest on investments and rents from properties, but after deducting (a) the amount spent out of the money received in carrying on the business of the company and (b) the amounts paid by the Official Liquidator to secured creditors (other than debenture holders), shall be paid to the auditor and debited to the account of the liquidation to which the audit relates:-
On the amount brought to credit including the produce of calls on contributories interest on investments and rents from properties, but after deducting (a) the amount spent out of the money received in carrying on the business of the company, and (b) amounts paid by the Official Liquidator to secured creditors (other than debenture holders)
1/2 per cent.
On disbursements, other than payments to secured creditors not being debenture holders.
1/2 per cent.
(2) Where the audit is by the Examiner of Local Funds Accounts, audit fees calculated on the above scale shall be paid into the public account of India in the Reserve Bank of India to the credit of the State Government concerned.
