M/S.Safe Pack Polymers Limited (In Liqn.) vs. No Respondent
Original PDF →Facts
The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed a Company Application (No. 54 of 2026) under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The application sought to take on record the half-yearly accounts of M/s. Safe Pack Polymers Limited (in liquidation) for the period from April 1, 2024, to September 30, 2024. It also requested permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao & Co., Chartered Accountants, and to meet the costs of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement. The application was supported by an affidavit and heard by the High Court.
Held
The Court held that the half-yearly accounts of M/s. Safe Pack Polymers Limited (in liquidation) for the period from April 1, 2024, to September 30, 2024, along with the Independent Auditors' Report dated January 27, 2026, submitted on January 30, 2026, by M/s. Padmanabha Rao & Co., Chartered Accountants, should be taken on record. The Court also granted permission to the Official Liquidator to pay the audit fee of Rs. 500/- plus GST to the auditor. Furthermore, permission was accorded to the Official Liquidator to make this payment from the available funds of the company in liquidation, or from the Estate and Establishment Fund account if no funds were available in the company's account, subject to reimbursement from the company's funds upon realization of its assets. The reasoning was based on the affidavit filed by the Official Liquidator and the consideration of the submitted accounts and report, deeming the application to be in order for the proper administration of the liquidation proceedings.
Key Issues
1. Whether the half-yearly accounts of the company in liquidation for the period from April 1, 2024, to September 30, 2024, along with the Independent Auditors' Report, should be taken on record by the Court, as per Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959? The petitioner (Official Liquidator) argued for the acceptance of these accounts and the auditor's report to facilitate the proper winding up of the company. 2. Whether permission should be granted to the Official Liquidator to pay the audit fee of Rs. 500/- plus GST to the auditors, and to meet the application costs from the company's funds or the Estate and Establishment Fund, as per the Companies Act and Rules? The petitioner contended that these payments are necessary for the efficient discharge of duties and the smooth continuation of the liquidation process. The revenue or State did not appear to have made any specific arguments as the matter pertains to the internal administration of a company in liquidation.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
Cause title — parties, addresses and appearances
IN THE TIIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THE HON'BLE SMT.JUSTICE T. MADHAVT DEVI COMPANY APPLICATION No.54 of 2O:16 COMPANY PETITION No.69 of 1997 DATE: 06.05.2026 Between: The Offi cial Liquidator, attached to the Hon'ble High Court of Telangana and Andhra Pradesh, 1" Floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 500068. ...Applicant ORDER This application is filed under Section 462 of Companies Act, 1956. read with Rules 298 and 306 of the Companies (Court) Rules, 1959, seeking the following reliefs: To take the half-yearly accounts of the subject company (in liquidation) for the period from 01.04.2024 to 30.09.2024, along with Independent Auditors' Report dated 27.01.2026 submitted on 30.01.2026 by M/s. Padmanabha Rao & Co., IN Chartered Accountants on record and permission may be I
r- COMPA_54_2026 in cP 69 1997 accorded to make the payment of audit fee of Rs.500/- plus GST to the said auditor. Cost of this application (Court fee Stamps & Notary Charges 2 11. etc.,) may be permitted to be met out by the Official Liquidator from the available fi.rnds of the company (in liquidation) or Estate and Establishment Fund account if no fund is available in the company's account; subject to reimbursement of the same f"cm the funds of company (in liqn) upon realization of assets of the Company (in liqn) whenever so happened and To pass such other order or orders as this Hon'ble Court may deem fit and proper in this regard.
Heard Sri J. Sreenadh Reddy, leamed counsel appearing for the Officiai Liquidator and perused the affidavit filed in support of this application
Having regard to the reasons stated in the accompanying affidavit and upon considering the half-yearly accounts fi1ed by the learned Official Liquidator, this application is allowed with the following:- C Ol.lPA 5.+._2026 in cP 59 t997 The half-yearly accounts of the subject company, which is 3 a 1n liquidation for the period Iiom 01 .04.2024 to 30.09.2024, along with Independent Audilors' Report dated 27 .Ol .2026 submitted on 30.01 .2026 by M/s.Padmanabha Rao & Co., Chartered Accountants are taken on record b. Permission is accorded to the learned Official Liquidator to pay an audit fee ofI{s.500/- plus GST to the auditor. c. Permission is also accorded to the leanred Official Liquidator to make the said payment from r.he available funds of the Company (in liquidation), or from the Estate and Establishment Fund account if no fund is, available in the Company's account, subject to reimbursement from the funds of Company (in liquidation) upon realization of its assets. SN/. B SATYAVATHI L-OINT REGISTRAR llrRuECoPY ll S CTION OFFICER I l'he Official Litluiclator' M/s Safe Pack Polymers'Limitecl [n Liqn') attached to the Lli,vh c.ult of Telangana ;;;;iit* iratlesh' 1't Floor' Corporate Bhawan' 'u"X'i'*''u' N'.ij..'r:i::L''il1,;,ll]oli.orporare Arr.rirs, covernment or.rndia' I lrr, Rr',:,i.tIar' (,1 c()ln[]alll('s' lYrrrrr5Lr.r "l -'"l^ ii.-,,,r, Thattiannaram Vltlage, 1," I lo,rr', CorP(rr''ri(' Bn";:"' ' '";goi"' enn..tt'g'Uo Thattiannaram VlllaP Havathnagat lvlancial' ft'-tg' n"cf a' Oi"titt' T"lottgittu State' Pin Code-500 068' l
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The Regional Director, south Eastern Region, Ministry of Corporate Affairs, 3,.i Floor, C.rporate Bhawan, Nagore, Bandlaguda, Thattiannaram v rage, I Havath.agar Manrlal, Ranga Rerldv District Telangana state, pin Code - 500 06g. !
The section officer, o.s. section, High Court of Hyderabad for the state of Telangana- 5. one CC to sri J.srinath Reddv, Advocate for official Liquidator, High Court for the State of Telar-rgana (OPUC) (-.. f rvo CD Copies. i(]K/ABK Y*'/'
TIIG}I COURT DA'fED: 06.05.2026 ORDER CO.l.4PANY APPLICATION No.5,l of 2026 ln C.i) lio.59 of 1997 Disposing of the Application tE SI{ 0 I ir,t 2[2[ z6 DATCHE9 * 15 a ".$* s5 8* * [t
Reproduced from the public record of the Telangana High Court. Verify against the court's own copy before relying on it. Income tax judgments are on bharattax.net.