M/S. Sanghi Polesters Limited(In Liqn) vs. Nil
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 Sanghi Polesters Limited (in liquidation) for the period from April 1, 2023, to September 30, 2023. The application also sought permission to pay an audit fee of Rs. 500/- plus GST to the independent auditors, M/s KBS & Associates. The Official Liquidator further requested permission to meet the cost of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement upon realization of assets. The application was supported by an affidavit and the auditor's report.
Held
The Court, having been satisfied with the reasons mentioned in the supporting affidavit and having considered the half-yearly accounts filed by the Official Liquidator, ordered the Company Application. Specifically, the Court took the half-yearly accounts for the period 01.04.2023 to 30.09.2023, along with the Auditor's Report dated 31.05.2025, on record. Permission was accorded to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors. Furthermore, permission was 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 if no funds were available in the company's account, subject to reimbursement from the company's funds upon realization of its assets. The Court did not expressly leave any issue undecided.
Key Issues
1. Whether the half-yearly accounts of the company in liquidation for the period 01.04.2023 to 30.09.2023, along with the Independent Auditors' Report dated 31.05.2025, should be taken on record. 2. Whether permission should be granted to the Official Liquidator to make payment of the audit fee of Rs. 500/- plus GST to the auditors. 3. Whether the cost of the application can be permitted to be met out by the Official Liquidator from the available funds of the company or the Estate and Establishment Fund, subject to reimbursement. Arguments were presented by Sri J. Sreenath Reddy, Advocate for the Official Liquidator. The judgment does not record any arguments from the revenue or state.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD MONDAY,THE TWENTY SECOND DAY OF SEPTEMBER TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLIcATroN NO.244 0F 202s IN C.P.No.42 oI 2010 ln the matter of the Companies Act, 1956 And ln the mafter of M/s Sanghi Polesters Limited (in.Liqn)
The.official Liquidator, attached to the Hon'ble High court of retangana, and Andhra Pradesh, 1st floor, Corporate Bhawan, Bandlagudi, Nagole, ttyderibad -SOOOOA- ...APPLICANT Application Under Sectron 462 of Companies Act, .1g56 read with Rule 29g and Rule 306 of the companies (court) Rules 1959 praying that this Hon'ble court may be pleased to : i. take the half-yearly accounts of the sub,ect company (in liquidation) for the period from 01.04.2023 to 30.092023, along with lndependent Auditors' Report dated 31 05.2025 submitted on 09.06.2025 by M/s KBS. & Associates, Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500l plus GST to the said auditor. , ii. cost of this application (Court fee Stamps and Notary Charges etc.,) may be permitted to be met out by the Official Liquidator from the available f
The judgment continues below.
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