M/S.Fenovision 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. 30 of 2026 in Company Petition No. 46 of 1995. The application, filed under Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959, sought permission to take on record the half-yearly accounts of M/s. Fenovision Limited (in liquidation) for the period from April 1, 2024, to September 30, 2024. It also sought permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. KBS & Associates, and to meet the costs of the application from the company's funds or the Estate and Establishment Fund. The application was supported by an affidavit and the Independent Auditors' Report dated January 12, 2026.
Held
The Court held that the application was to be allowed. Specifically, the Court ordered that the half-yearly accounts of M/s. Fenovision Limited (in liquidation) for the period from April 1, 2024, to September 30, 2024, along with the Independent Auditors' Report dated January 12, 2026, be taken on record. Furthermore, permission was accorded to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditor. The Court also granted permission for this payment to be made 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 grounds stated in the accompanying affidavit and the consideration of the filed half-yearly accounts.
Key Issues
1. Whether the Court should take on record the half-yearly accounts of M/s. Fenovision Limited (in liquidation) for the period from April 1, 2024, to September 30, 2024, along with the Independent Auditors' Report dated January 12, 2026. This issue turns on the Court's power 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 an audit fee of Rs. 500/- plus GST to the auditors, M/s. KBS & Associates. This issue relates to the Official Liquidator's authority to incur expenses for the liquidation process. Contentions: Petitioner (Official Liquidator): The Official Liquidator argued that the application was filed in compliance with the relevant provisions of the Companies Act and Rules, seeking necessary approvals for the ongoing liquidation process. The affidavit filed supported the request for taking accounts on record and permitting the payment of audit fees and costs.
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 HTGH COURT FOR THE STATE OF TELANGANA AT HVDERABAI) THE HON'BLE SMT.JUSTICE T. MADHAVI DEVI COMPANY APPLICATION No.30 of2O26 IN COMPANY PETITION No.46 of 1995 DATE: 17.03.2026 Between: The Official Liquidator, Attached to the Hon'ble High Court of Telangana and Andhra Pradesh, i'i prir, Corporate Bhawan, Bandlaguda' Nagole' Hyderabad - 500068. ...Applicant ORDER This apptication is filed under Section 462 of Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959, seeking the foltowing reliefs: i. To take the half-yearly accounts ol the subject company (in liquidation) for the period from 0t'04'2024 to 30'09'2O24' along with Independent Auditors' Report dated 12'01'2026 submitted on 22'01 '2026 by M/s KBS & Associates' Chartered Accountants on record and pennission may be COMPA i0 2026 in cP 46 1995 accorded to make the payment of audit fee of Rs.500/- plus GST to the said auditor. ii. Cost of this applicarion (Courr lee 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 il no fund is available in the cc,mpany's account; subject to reimbursement of the same fr.om the funds of company (in liqn) upon realization of assers 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, learned counsel appearing lor the Official Liquidator and perused the affidavit filed in support o[ this application.
Having regard to the reasons stated in the accompanying alfidavit and upon considering the half-yearly accounts filed by the leamed Offlcial Liquidator, this application is allowed with the lo[[owing:- \ i COMPA_3o 2026 in cP 46 1995 a. The half-yearly accounts of the subject company, which is in liquidation lor the period from 0l-04-2024 to 30.09.2024, along with Independent Auditors' Report dated 12.01.2026 submitted on 22.01 .2026 by M/s. KBS & Associates, Chartered Accountants hre taken on record b. Permission is accorded to the leamed Official Liquidator to pay an audit fee of Rs.500/- plus GST to the auditor. c. Permission is also accorded to the learned Ollicial Liquidator to make the said payment frorn the available funds of the Company (in tiquidation), or lrom 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 tiquidation) upon realization of rts assets. 3 //// .l K.SRINIVASA RAO JOINT REGISTRAR SECTION OFFICER To, 2 The Official Liquidator, t\4/s. Fenovision Limited, office at 1st floor' Corporate Bhawan, Bandlaguda, Nagole, Hyderabad -500068. The Registrar of Companies, Ministry of Corporate Affairs, Government of lndia 2fr floor, Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village Hayathnagai Mandal, Ranga Reddy Drstrict, Telangana State Pin Code 500 680. The Regional Director, South Eastern Region, Ivlinistry of Corporate Affairs, 3rd floor Corporate Bhawan, Nagole' Bandlaguda, Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District Telangana State' Pin Code 500 680. TheSectionOfficer,O.s.section,HighCourtatHyderabad,fortheStateof l 3 4 Telangana _ _ -;-:'li?P!P.:-r;n. -r-f**.'i,:* .-.7t *fl ./--> L_7
ry
One CC to Sri J. Sreenadh Reddy, Counsel for Officiai Liquidator, High Court at Hyderabad . 6 Two CD Copies I DL/PS 1,,r1 l
\ HIGH COURT DATED: 1710312026 \ oRoeR COMPANY APPLICATION No. 30 of 2026 IN COMPANY PETITION NO: 46 OF 1995 ALLOWING THE APPLICATION \ I t0?. rHt s ) 22 APB 2rj26 PAT(:H Eo z t \, '>, h* * w AL
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.