M/S. Sri Ambuja Petro Chemicals Limited(In Liqn) vs. Nil
Facts
The Official Liquidator, attached to the High Court for the State of Telangana and Andhra Pradesh, filed a Company Application seeking permission to take on record the half-yearly accounts of M/s Sri Ambuja Petro Chemicals Limited (in liquidation) for the period from April 1, 2023, to September 30, 2023. The application also requested permission to pay an audit fee of Rs. 500/- plus GST to the independent auditors, M/s. KBS and Associates, Chartered Accountants, and to meet the costs of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement. The application was supported by an affidavit and heard by the Court.
Held
The Court held that the half-yearly accounts of M/s Sri Ambuja Petro Chemicals Limited (in liquidation) for the period from 01.04.2023 to 30.09.2023, along with the Independent Auditors' Report dated 31.05.2025, should be taken 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 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 was satisfied with the reasons mentioned in the supporting affidavit.
Key Issues
1. Whether the half-yearly accounts of the company in liquidation for the period from 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 pay an audit fee of Rs. 500/- plus GST to the auditors. 3. Whether permission should be granted to meet the costs of the application from the available funds of the company or the Estate and Establishment Fund, subject to reimbursement. Petitioner's Arguments: The Official Liquidator, representing the company in liquidation, argued for the approval of the accounts and the payment of audit fees and application costs, citing the necessity of these actions for the proper winding up of the company. Revenue's Arguments: The judgment does not record any specific arguments from the revenue or state.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
I I I i [ 3168 ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD MONDAY, THE TWENry SECOND DAY OF SEPTEMBER TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION NO: 24'1 OF 2025 IN R.C.C.No. 4 of 1997 ln the matter 6f the Companies Act, 1956 And ln the matter of M/s Sri Ambuja Petro Chemicals Limited (in liqn)
The Official Liquidator, attached to the Hon'ble High Court of Telangana, and Andhra Pradesh, 1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad -500068 ...APPLICANT Application Under Section 462 of Companies Act, 1956 read with Rule 298 and Rule 306 of the Companies (Court) Rules 1959 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 .04.2023 to 30.09.2023, along wrth lndependent Auditors'
Report dated 31 .05.2025 submitted on 09.062025 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. cost of this application (Court fee Stamps and Notary Charges etc.,) may be permitted to be met out by the Official Liquidato
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