M/S.Ameya Laboratories Limited(In Liqn) vs. No Respondent

Facts

The Official Liquidator, attached to the High Court for the State of Telangana, filed a Company Application seeking to take on record the half-yearly accounts of M/s Ameya Laboratories Limited (in liquidation) for the period from October 1, 2023, to March 31, 2024. The application also sought permission to pay an audit fee of Rs. 500/- plus GST to the independent auditors, M/s. Murthy and Kanth, Chartered Accountants. The Official Liquidator further requested permission to meet the costs of the application, including court fee stamps and notary charges, from the available funds of the company in liquidation or the Estate and Establishment Fund, subject to reimbursement upon realization of assets. The application was supported by an affidavit and heard by the High Court.

Held

The Court, being satisfied with the reasons mentioned in the supporting affidavit and upon considering the half-yearly accounts filed by the Official Liquidator, ordered as follows: a) The half-yearly accounts of the subject Company, which is in liquidation for the period from October 1, 2023, to March 31, 2024, along with the Auditor's Report dated July 4, 2025, submitted on July 8, 2025, by M/s. Murthy and Kanth, Chartered Accountants, are taken on record. b) Permission is accorded to the learned Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the 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 from the 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 liquidation) upon realization of its assets. The Court found no impediment to granting the reliefs sought by the Official Liquidator.

Key Issues

1. Whether the half-yearly accounts of the company in liquidation for the period from October 1, 2023, to March 31, 2024, along with the Independent Auditors' Report dated July 4, 2025, submitted on July 8, 2025, by M/s. Murthy and Kanth, Chartered Accountants, should be taken on record? The Official Liquidator argued that these accounts and the report are necessary for the proper administration of the company in liquidation. 2. Whether permission should be granted to pay an audit fee of Rs. 500/- plus GST to the said auditors? The Official Liquidator contended that this fee is reasonable for the audit services rendered. 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 this is a standard procedure for companies in liquidation where immediate funds may be scarce. The Revenue or State did not record any arguments.