M/S.Jagadambay Agri Genetics Limited (In Liqn.) vs. No Respondent
Original PDF →Facts
The Official Liquidator, attached to the High Court for the State of Telangana, filed a Company Application seeking permission to take on record the half-yearly accounts of M/s Jagadambay Agri Genetics Limited (in liquidation) for the period from April 1, 2024, to September 30, 2024. The application also sought permission to pay an audit fee of Rs. 500/- plus GST to the independent auditors, M/s KBS & Associates, Chartered Accountants, whose report was submitted on January 22, 2026. 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 allowed the Company Application. Specifically, it held that the half-yearly accounts of the subject company in liquidation for the period from April 1, 2024, to September 30, 2024, along with the Independent Auditors' Report dated January 12, 2026, submitted on January 22, 2026, by M/s KBS & Associates, Chartered Accountants, should 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 the Official Liquidator to make this payment from the available funds of the company in liquidation, or from the Estate and Establishment Fund if no funds were available in the company's account, subject to reimbursement from the company's funds upon realization of its assets. The costs of the application were to be borne without costs.
Key Issues
1. Whether the Court should take on record 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 dated January 12, 2026. 2. Whether permission should be granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors. 3. Whether the Official Liquidator should be permitted to meet the costs of the application from the available funds of the company in liquidation or the Estate and Establishment Fund, subject to reimbursement. Arguments for the Petitioner (Official Liquidator): The learned counsel for the Official Liquidator presented the application supported by an affidavit, detailing the need to approve the accounts and pay the audit fee. The application was filed in accordance with the relevant provisions of the Companies Act and Rules. Arguments for the Revenue/State: No specific 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
I l IN THE HTGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THE HON'BLE SMT.JUSTICE T. MADHAVI DEVT COMPANY APPLIC ATION No.37 o12026 IN COMPANY PETITION No.42 of 1997 DATE: 11.03.2026 Betu,een: The Offi ciat Liquidator, Attached to the Hon'ble High Jourl of Telangana and Andhra Pradesh, l't Floor, Cotporate Bhawan, Bandlaguda, Nagole, Hyderabad 500068. ...Applicant ORDER This apptication is filed under Section 462 ol Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959, seeking the fotlorving relieti: To take the half'-ycarly accounts of the subject company (in tiquidation) fbr the pelrod from 01.04.2024 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 on record and permission may be COMPA 37 2026 in cP 42 1997 accorded to make the payment of audit fee of Rs.500/- plus GST to the said auditor. Cost of this application (Coun fee Stamps & Notary Charges 2 lt etc.,) may be permitted to be met out by the Official Liquidator tiom the available funds of the company (in liquidation) or Estate and Establishment Fund account if no lund is avaitable in the company's account; subject to reirnbursement 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
Ileard Sri J. Sreenadh Reddy, learned counsel appearing lor the Official Liquidator and perused the affidavit filed in support of this application
Having regard to the reasonq stated in the accompanying affidavit and upon considering the half-yearly accounts filed by the learned Of ficial Liquidator,, this application is allowed with the following:- ('()Mt'A i7 2026 in cP 42 t99',7 a. The half-yearty accounts ol the subject cornparly' which is in Iiquidation tbr the period fi'orr 0l 't)4'2024 to 30.09.2024, along with Independcnt Auditors' Repon dated 12.01.2026 submitted on 22.01'2026 bv M/s' KBS & Associates, Chartered Accountants are taken on record b. Permission is accorded to the learned Ot'ficial Liquidator to pay an audit fee of ,1s.500/- plus GST to the auditor' c. Pcrmission is also accorded to the learned Official Liquidator to make the said payment lionr the available lunds of the Company (in liquidation), or fiom the Estate and Establishr.nent Fund irccount if no fund is available in the Cornpany's account. subicct to rcinlbursement from the tunds ol'Company (in licl r'ridatiorl) upon 'ealization of I ts assets. 3 To, '. A.V //'/ JagadambaY enet -S.S.C.S.M. SARMA JOINT REGTSTRAR SECTION OFFICER rcs Limited (ln Liqn) Andhra Pradesh, 1st n 1 The Off icial Liquidator' M/s ,iil.n"J io the Hon'ble High iiooi Corporate Bhawan' .Ban The Reqistrar of ComPantes' rnilu.'ird Ftoor, corPorate Bh viiiii", HaYathnagar Mandal' cod6-500068 Cou rt of Telang and dlag uda, Nagole, erabad -500068 Ministry of CorPorate Affairs, Governm ent of awan, Nagole, Bandlaguda, Thattiannarama 2 Ranga Reddy District' Telangana State Pin
c The Reqional Director, South Eastern Region' Ministry of Corporate Affairs' 3'd Flooi, corporate enaw';, il;;;];' aaiotaguo'' Thattiannaram Village' ilrviiri";dJifir;;;r. Rr.d; n'"iiv b[i..i"l' ferangana state Pin code ?fl3033",'"" officer. o s Section, High court of Hvderabad for the State of 3?SB3i3 sri J.sreenath Reddy_, Advocate for official Liquidator, High court rolin" strt" of Telangana(oPUC) Two CD CoPies 4 5 b. Ks/Sa qx
HIGH COURT DATED:1710312026 ORDER G.A.No.37 ot 2026 IN C.P.No.42 of 1997 ,K //..)' 'ltJ -ilR"iHFt;\ or nnrW f t ilr * o^ -l i:lt!-tfrj t "q' Allowing the Company Application Without costs. * L S
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.