M/S.Taurus Earthmovers 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 (CA No. 208 of 2025) in C.P. No. 82 of 2010 concerning M/s Taurus Earthmovers Limited (in liquidation). The application, filed under Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959, sought to place on record the half-yearly accounts of the company for the period 01.10.2023 to 31.03.2024, along with an Independent Auditors' Report dated 31.05.2025. The Official Liquidator also prayed for permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s KBS and Associates, Chartered Accountants, and to meet the costs of the application from available company funds or the Estate and Establishment Fund, subject to reimbursement.
Held
The Court held that the half-yearly accounts of M/s Taurus Earthmovers Limited (in liquidation) for the period 01.10.2023 to 31.03.2024, along with the Auditor's Report dated 31.05.2025, are to be taken on record. Permission was granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors. Furthermore, the Court accorded permission to the Official Liquidator to make this 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. This payment is subject to reimbursement from the funds of the company upon the realization of its assets. The reasoning was based on the satisfaction with the reasons mentioned in the supporting affidavit and consideration of the filed accounts.
Key Issues
1. Whether the half-yearly accounts of M/s Taurus Earthmovers Limited (in liquidation) for the period 01.10.2023 to 31.03.2024, 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 pay an audit fee of Rs. 500/- plus GST to M/s KBS and Associates, Chartered Accountants. 3. Whether the Official Liquidator should be permitted to meet the costs of the application from the available funds of the company or the Estate and Establishment Fund, subject to reimbursement. The Petitioner (Official Liquidator) argued that the accounts and report were duly submitted and sought permission for the payment of audit fees and application costs. The Revenue or State did not present any arguments as this was an application by the Official Liquidator for administrative and financial approvals related to a company in liquidation.
Sections Cited
Section 462, Companies Act, 1956, Rule 298, Companies (Court) Rules, 1959, Rule 306, Companies (Court) Rules, 1959
AI-generated summary — verify with the full judgment below
[ 3168 I IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD MONDAY HE TWENTY SECOND DAY OF SEPTEI\iIBER TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION NO: 208 OF 2025 IN C.P.No. 82 ot 2010 ln the matter of the Companies Act, 1956 And ln the matter of M/s Taurus Earthmovers Limited (in liqn)
The Official Liquidator, attached to the Hon'ble High Court of Telangana, and Andhra Pradesh, lst 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 sublect company (in liquidation) for the period from 01 .10.2023 Io 31 03.2024, along with lndependent Auditors Report dated 31.05.2025 submitted on 09.062025 by M/s KBS and Associates, Chartered Accountants on record and permisston may be accorded to make the payment of audit fee of Rs.500l 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 Liquidator from the available
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