M/S.Ontime Pharma Limited (In Liqn.) vs. No Respondent
Original PDF →Facts
The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed a Company Application seeking permission to take on record the half-yearly accounts of M/s Ontime Pharma Limited (in liquidation) for the period from 01.04.2024 to 30.09.2024. The application also sought permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s Murthy & Kanth, Chartered Accountants, and to cover the costs of the application from the company's funds or the Estate and Establishment Fund. The Independent Auditors' Report was dated 09.02.2026 and submitted on 11.02.2026. The application was filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959.
Held
The Court held that the half-yearly accounts of M/s Ontime Pharma Limited (in liquidation) for the period from 01.04.2024 to 30.09.2024, along with the Independent Auditors' Report dated 09.02.2026, are 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 this 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 also permitted the costs of the application to be met from the company's funds or the Estate and Establishment Fund, subject to reimbursement. The reasoning was based on the reasons stated in the accompanying affidavit and the consideration of the filed accounts.
Key Issues
1. Whether the Court should take on record the half-yearly accounts of the company in liquidation for the period 01.04.2024 to 30.09.2024, along with the Independent Auditors' Report dated 09.02.2026. 2. Whether permission should be granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors. 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. Arguments for the Petitioner (Official Liquidator): The Official Liquidator, through their counsel, presented the application seeking the aforementioned reliefs, supported by an affidavit. The arguments focused on the necessity of these approvals for the proper winding up of the company and the management of its accounts and expenses. Arguments for the Revenue/State: The judgment does not record any specific arguments made by the revenue or state in opposition to this application.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
Cause title — parties, addresses and appearances
IN THE HTGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THE HON'BLE SMT.JUSTICE T. MADHAVI DEVI COMPANY APPLICATION No.85 0F 20i16 C.P.No.1 670F 2001 DATE:06.05.2026 Between: The Offi cial Liquidator, Attached to the Hon'ble High Court of Telangana and Andhra Pradesh, 1" Flo-or, Corporate Bhawan, Bandlaguda, Nagole' Hyderabad - 500068. ...Applicant 9RDEB This application is hled under Section 462 ol Companies Act, 1956, read with Rules 298 and 306 of the Comprnies (Cour1) Rules, 1959, seeking the following reliefs: i. To take the half-yearly accounts of the subject company (in liquidation) for the period from 0l'04'2024 t' 30'09'2024' along with Independent Auditors' Report dated 09'02'2026 submitted on 11.02.2026 by M/s' Murth'r & Kanth'' Chartered Accountants on record and permission may be y'/' IN TMDJ COMPA_85_2026 in cP 167 2001 accorded to make the payment of audit fee of Rs.500/- plus GST to the said auditor. Cost of this application (Court fee Stamps & Notary Charges etc.,) may be permitted to be met out by the Official Liquidator from 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 the same from the funds of company (in liqn) upon realization of assets of the Company (in liqn) whenever so happened and 2 ll. To pass such other order or orders as this Hon'ble Court may deem fit and proper in this regard 2, Heard Sri J. Sreenadh Reddy, learned counsel appearing for the Official Liquidator and perused the affidavit fi1ed in support of this application.
Having regard to the reasons stated in the accompanying affidavit and upon considering the half-yearly accounts filed by the leamed Official Liquidator, this application is allowed with the following:- I
:-: i cov P \ 85 2026 in cP 167 2001 The half-yearly accounts of the subject compally, which is liquidation for the period from Ol't)4'2024 to 3 a 1n 30.09.2024, along with Independent Audit'rrs' Report dated 09.02.2026 submitted on 11.02'2026 by M/s' Murthy & Kanth., Chartered Accountants a:e taken on record. b. Permission is accorded to the leamed Official Liquidator to pay an audit fee of Rs.500/- plus GST to the auditor' Permission is also accorded to the leanred 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 reimbur;ement from the funds of Company (in liquidation) upon lealization of its assets. \' \ }d/- B. SATYAVATHI JOINT REGISTRAR //// SECTION OFFICER 1 The Official Liquidator, tr//s Ontime Pharma Limit n l-iqn) attached to the Hon'ble High Court o Telang ana, and Andhra Pra esh 1st floor, CorPorate Bhawan, Bandlaguda ' Nagole, Hyderabad -500068 The Registrar of ComPanies, [tIinistry of CorPorate Affairs, tlovernmenl of lndia, 2nd Floor , Corporate Bh awan, Nagole, Bandlaguda, Thattiannarama Vlllage, Hayathnag ar tvlandal, Rang a Reddy District, Telangana Stz te Pin Code-500068
The Regional Director, South Eastern Region, M inistry of Corporate Anarrs, J Floor, Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village, Hayathnagar Mandal, Rang a ReddY District, Telangana Stzrte Pin Code 500068 Section Off icer. O Qaa ction, High Court of Hyderab ad for the State of c To, f 2
The 5 6 Tela noana b;;'ic'i;sri J.SrinathReddy, Advocateforofficiat Liqui(lator,Highcourtfor the State of Telangana(OPUC) Two CD CoPies Ks Yt--
HIGH COURT DATED:06/05/2026 ORDER COMPA.No.85 ot 2026 IN C.P.No.167 of 2001 ALLOWING THE COMPANY APPLICATION WITHOUT COSTS. H€S 1 r.q cR I€ o LJt t t 0/ j 20zfi t t)€sp,ITCHc$ *\i"n % 'ff- 7Z
Reproduced from the public record of the Telangana High Court. Verify against the court's own copy before relying on it. Income tax judgments are on bharattax.net.