M/S.T.V.K.Equity Fund 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. 73 of 2026) under Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959. The application sought permission to take on record the half-yearly accounts of M/s. T.V.K. Equity Fund Limited (in liquidation) for the period from 01.04.2024 to 30.09.2024, along with the Independent Auditors' Report dated 27.01.2026. Additionally, the Official Liquidator requested permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao & Co., Chartered Accountants. The application also prayed for 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.
Held
The Court considered the application filed by the Official Liquidator and perused the accompanying affidavit and the half-yearly accounts. The Court found the reasons stated in the affidavit to be satisfactory. Consequently, the Court allowed the application. Specifically, the Court ordered 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 27.01.2026, be taken on record. Permission was also accorded to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors. Furthermore, the Court permitted the Official Liquidator to make this payment from the available funds of the company in liquidation or from the Estate and Establishment Fund, with the condition that such expenses would be reimbursed from the company's funds upon the realization of its assets. The Court did not expressly leave any issue undecided.
Key Issues
1. Whether the Court should take on record 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 27.01.2026, as submitted by M/s. Padmanabha Rao & Co., Chartered Accountants. 2. Whether permission should be granted to the Official Liquidator to make the payment of audit fee of Rs. 500/- plus GST to the said auditors. 3. Whether the costs of the application, including court fee stamps and notary charges, can be met from the available funds of the company in liquidation or the Estate and Establishment Fund, subject to reimbursement. The Official Liquidator argued that the accounts and report were duly submitted and that the audit fee was a necessary expense for the liquidation process. No arguments were recorded for the revenue or State as this was an application by the Official Liquidator seeking procedural directions.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
Cause title — parties, addresses and appearances
IN TTIE HTGH COURT FORTHE STATE OF TELANGANA AT HYDERABAD THE HON'BLE SMT.JUSTICE T. MADHAVI DEVI COMPANY APPLICATION No.73 oB 2026 IN C.P.No.1 l5 oF 2000 DATE:06.05.2026 Bet* een: -Ihe O1fi cial Liquidator. Attached to the LIon'ble LIigh Court of Telangana and Andhra Pradesh, 1" Flirr, Corporate Bhau'an, Bandlaguda, Nagole' Hvderabad' 500068. ...Applicant OR.DBR This application is llled under Section 462 of Companies Act. t956, rc'ad with Rules 298 and 306 of the Companies (Court) Rules. 1959. seeking the following reliefs: i. To take the half--y'early accounts of the subject company (in liquidation) for the period from Ol'04'2024 ro 30'09'2024' along u'ith Independent Auditors' Report dated 27'01 '2026 submitted on 30.01 -20'-(t by IWs' Padmanabha Rao & Co'' Clhartered Accountants on record and permission may be TMDJ COMPA 73 2026 in cP ll5 2000 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 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, Iearned 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 fited by the leamed Official Liquidator, this application is allowed with the f{owing:-
in liquidation for 30.09.2014, along dated 09 02 2016 record COM]'A 7 CP 016 Ln 1000 NI. RAMANA KRISHNA OINT REGISTRAR 3l l l5 3 The half-i'earh. accounts of the subject company' which is the Period from 01'04'2024 to with lndependent Auditors' RePort submitted on 11.02'2026 bY M/s' Murthy & Kanth'' Chartered Accountants are taken on b Permission is accorded to the leamed Official Liquidator to pay 3n audit fee of Rs'500! plus GST to the auditor' Permission is also accorded to the leamed Official Liqtriclator to make the said paynlent from the available fundsoftheCompany(inliquidation),ortiomtheEstate and Establishment Fund account if no funcl is available in the ('ompan,v's account' subject to reimbursement from the funds of Company (in liquidation) upon realization of c its assets. // rRUE cOPv // S OFFICER To, L The Official Liquictator, N{/s. T.V K. Equity Fund Limited (ln Liqn') attached to the High Court nf f"lu.tgunu and Andhra Pradesh, 'lst Floor, Corporate Bhawan, Bandlaguda, Nagolt', Hvdcrabad - 500068. 2. The Ilegistrar of Companies, Ministry of Corporate ,Affairs, Government of India, 2"d Floor, Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village, Hayathnagar Mandal, Ranga Reddy District, Telangana State, Pin Code-500 068. 3. The Regional Director, South Eastern Region, Ministry ol Corporate Affairs, 3.d Floor, Corporatc Bharvan, Nagole, Bandlaguda, Thattiannaram Village, Havathnagar Nlanda, Ranga Reddv District Telangana State, Pin Code - 500 068. &. j .'=igla!q:rri9. 4. The Section Officer, O.S. SectiorU High Court of Hyderabad for the State of Telangana. /
One CC to Sri J.Srinuth Reddy, Advocate for Official Liquidator, High Court for the y' State of Telangana (OPUC)
Two CD CoPies. JCK/ba Yr
FIIGH COUR'I ttATED: 06.05.2026 CIRDER COMPANY AI,PLICAI-I()N \o 73 of 2026 IrL C.P.No.115 of 2000 Disposing of the Application i-iiEffi\ ,1 z{o //^ ' //€ iC lu tii',,. '\ )' P 1 1 JL lt 2026 !F.;np ti''rl'ifl .4, t i.. ."6d 6 &
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.