M/S.Twin Cities Permanent Fund Limited (In Liqn) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana, filed a Company Application seeking permission to take on record the half-yearly accounts of M/s Twin Cities Permanent Fund 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 KBS and Associates, Chartered Accountants, whose report was submitted. Furthermore, the Official Liquidator requested permission to meet the costs of the application from the company's available funds or the Estate and Establishment Fund, subject to reimbursement upon realization of the company's assets. The application was supported by an affidavit and heard by the High Court.
Held
The Court, having been satisfied with the reasons stated in the supporting affidavit and having considered the half-yearly accounts filed by the Official Liquidator, ordered as follows: a) The half-yearly accounts of the company in liquidation for the period from 01.10.2023 to 31.03.2024, along with the Auditor's Report dated 31.05.2025, were taken on record. b) Permission was accorded to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors. c) Permission was also 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 account if no funds were available in the company's account, subject to reimbursement from the funds of the company upon realization of its assets. The Court found no impediment to granting these permissions.
Key Issues
1. Whether the Court should take on record the half-yearly accounts of the company in liquidation for the period 01.10.2023 to 31.03.2024, along with the Independent Auditors' Report dated 31.05.2025. 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 permission should be granted to the Official Liquidator to meet the costs of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement. Petitioner's Arguments: The Official Liquidator, through their counsel, presented the application and supporting affidavit, seeking the Court's approval for the aforementioned actions. No specific arguments against the application were recorded from any party.
Sections Cited
Section 462, Companies (Court) Rules 1959 Rule 298, Companies (Court) Rules 1959 Rule 306
AI-generated summary — verify with the full judgment below
COMPANYAPPLICA TION NO: 251 OF 2025 C.P.Nos. 169 and '183 of 2009 ln the mafter of the Companies Ac( 1956 And ln the matter of M/s Twin Cities permanent Fund Limited (in liqn)
The official Liquidator, attached to the Hon'ble High court of relanqana. and Andhra Praclesh, 1st floor, Corporate Bhawan, Bandlagud-a, Nagole, Hyder;bad _500068 ...APPLICANT Application Under Section 462 of Companies Act, .t g56 read with Rule 29g and Rule 306 of the companies (court) Rules 19s9 praying that this Hon'ble court may be pleased to : take the half-yearly accounts of the subject company (in liquidation) for the period from 01.10.2023 to 31.03.2024, along with lndependent Auditors'
Report dated 31.05.2025 submitted on 09.06.2025 by M/s. KBS and Associates, Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500/- 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 frorn 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 t
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