M/S.Padamaja Ventures 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 seeking to take on record the half-yearly accounts of M/s Padmaja Ventures Limited (in liquidation) for the period from 01.04.2024 to 30.09.2024. The application also sought permission to make a payment of Rs. 500/- plus GST towards audit fees to the independent auditors, M/s Murthy & Kanth, Chartered Accountants. Additionally, the Official Liquidator requested permission to meet the costs of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement upon realization of assets. The application was filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959.
Held
The Court held that the half-yearly accounts of the subject company in liquidation for the period from 01.04.2024 to 30.09.2024, along with the Independent Auditors' Report dated 09.02.2026 submitted by M/s Murthy & Kanth, Chartered Accountants, are taken on record. Permission is accorded to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditor. Furthermore, permission is granted to the Official Liquidator to make the said payment from the 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 the Company (in liquidation) upon realization of its assets. The reasoning is based on the reasons stated in the accompanying affidavit and consideration of the filed accounts. The ratio decidendi is that the Court will grant necessary permissions for the proper functioning and administration of a company in liquidation, provided the applications are in compliance with statutory requirements and supported by appropriate documentation.
Key Issues
1. Whether the half-yearly accounts of the company in liquidation for the period 01.04.2024 to 30.09.2024, along with the Independent Auditors' Report dated 09.02.2026, should be taken on record by the Court, as required under Section 462 of the Companies Act, 1956 and Rules 298 and 306 of the Companies (Court) Rules, 1959? 2. Whether permission should be granted to the Official Liquidator to pay the audit fee of Rs. 500/- plus GST to the auditors, M/s Murthy & Kanth, Chartered Accountants? 3. Whether permission should be granted to the Official Liquidator to meet the costs of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement? Contentions: Petitioner (Official Liquidator): Argued that the application was filed in compliance with the relevant provisions of the Companies Act and Rules, and sought the reliefs as stated in the application for the proper administration of the company in liquidation. Relied on the affidavit filed in support of the application. Revenue/State: No arguments were recorded for the Revenue or State in the judgment.
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 HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THE HON'BLE SMT.JUSTICE T. MADHAVI DEVI COMPANY APPLICATION No.86 oF 2026 C.P.No.87 0F 2000 DATE: 06.05.2026 Between: The Offi cial Liquidator, Attached to the Hon'ble High Court of Telangana and Andhra Pradesh, 1" Flo]or, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 500068. ..Applicant ORDER This application is hled under Section 462 ol Conrpanies Act,lg56,readwithRules2g8and306oftheCompanies(Court) Rules, 1959, seeking the following reliefs: i. To take the half-yearly accounts of the subject company (in liquidation) for the period from 0l'04'2024 o 30'09'2024' along with Independent Auditors' Report dated 09'02'2026 submitted on ll.02-2026 by M/s' Murtty & Kanth'' Chartered Accountants on record and permission may be IN -- COMPA _86 2026 in cP 87 2000 accorded to make the payment of audit fee of Rs'500i- plus GST to the said auditor. ii. Cost of this application (Court fee Stamps & Notary Charges etc.,) may be permitted to be met out by the Official Liquidator from the available funds 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 from 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 Official 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 filed by the learned Official Liquidator,, this application is allowed with the following:- i\ 2 CON',PA,86 2026 in cP E7 2000 M.VIJAYA BHASKER JOINT REGISTRAR a The half-yearly accounts of the subject comparly, which is liquidation for the period from 01rC4'2024 to 1n b 30.09.2024, along with Independent Auditors' Report dated 09.02.2026 submitted on 1l'02'2026 by M/s' Murthy & Kanth., Chartered Accountants zre taken on record. Permission is accorded to the learned Officirl Liquidator its assets. to pay an audit fee of r{s.500/- pius GST to th3 auditor' c. Permission is also accorded to the learned Official Liquidator to make the said payment from the available funds of the Company (in liquidation), or frcm 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 To, ///I 6 SECTION OFFICER The Official Liquidator, M/s Padmaja Ventures Limited .ln Liqn) attached to tne HJniOte High Court of Telarigana, and Andhra Pradesh, l st floor, Corporate Bhawin, Bandlaguda, Nagole, Hyderabad---500068 ihe Reoistrar of Companiel, Ministry of Coiporate Affairs Government of lndia, 2rd Floor, Corpdrate Bhawan, Nagole, Bandlaguda. Thattiannarama Viitaje, Uayatfr'nagdr Mandal, Ranga Reddy District, Telangana State Pin Code-500068 The Reqional Director, South Eastern Region, Ministry of Corporate Affairs, 3'd Flooi, Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram -Village' Hayathnagar'Mandal, Ranga Reddy District, Telangana State Pin Code 500068 1 2 J
4 The Section Officer, O.S.Section, High Court of Hyderabad for the State of l?SB3i3 sri J Srinath Reddy, Advocate for officiar Liquidator, Hish court tor ine State of Telangana(OPUC) Two CD CoPies L,^ q
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\ I HIGH GOURT DATED:06/05/2025 ORDER C.A.No.86 ot 2026 IN C.P.No.87 of 2000 ALLOWING THE COMPANY APPLICATION WITHOUT COSTS. tot{ lrrE St1 o IUt 1l "tJN W6 €S.,,-, iq!t) * @ \a,6 \ b b 7_ .\ *
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.