M/S.Tungabhadra Industries Limited (In Liqn.) vs. No Respondent

COMPA/75/2026HC TelanganaGSTCNR HBHC01021167202606 May 2026Bench: T.MADHAVI DEVI5 pages

AI SummaryAllowed

Facts

The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed a Company Application under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The application sought permission to take on record the half-yearly accounts of M/s Tungabhadra Industries Limited (in liquidation) for the period from April 1, 2024, to September 30, 2024, along with the Independent Auditors' Report dated January 27, 2026. It also requested permission to pay an audit fee of Rs. 500 plus GST to the auditors and to meet the costs of the application from the company's available funds or the Estate and Establishment Fund account, subject to reimbursement upon realization of assets. The learned counsel for the Official Liquidator appeared, and the affidavit in support was perused.

Held

The Court allowed the application. It took on record the half-yearly accounts of the company in liquidation for the period from April 1, 2024, to September 30, 2024, along with the Independent Auditors' Report dated February 9, 2026, submitted on February 11, 2026, by M/s. Murthy & Kanth., Chartered Accountants. Permission was granted to the Official Liquidator to pay an audit fee of Rs. 500 plus GST to the auditor. Furthermore, permission was accorded 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 (in liquidation) upon realization of its assets. The Court also permitted the costs of the application to be met from the available funds, subject to reimbursement.

Key Issues

1. Whether the half-yearly accounts of the company in liquidation for the period April 1, 2024, to September 30, 2024, along with the Independent Auditors' Report dated January 27, 2026, should be taken on record? The petitioner sought permission to do so. 2. Whether permission should be granted to pay an audit fee of Rs. 500 plus GST to the auditors? The petitioner requested this permission. 3. Whether the costs of the application, including court fee stamps and notary charges, should be permitted to be met from the available funds of the company in liquidation or the Estate and Establishment Fund account, subject to reimbursement? The petitioner sought this permission. The revenue or State did not appear to have made any arguments as the matter was an application by the Official Liquidator before the High Court.

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 HIGH COURT FOR Ar HYbHXBIflE oF TELANGANA WEDNESDAY,THI nvo iici ule',iB i,ilJ #X,;I gi" THE HONOURABLE SMT JUSTICE T,MADHAVI DEVI YAP R.c.c PRESENT PLICATION IN .NoVz ol 2 coM PAN No.7 000 5of 2026 ln the matter of the Companies Act, 1g56 ln the matter of M/s Tunsabrlll, ,nor.,.,es Limited (tn Liqn) IL%39:?lil*ti%"J;,X'rSiiEX:"-5:E:x}:?x,'jft ,;[,s:I;lx?g3:8133#..n,, APPlication Under S "APPLICANT ;:iIJ: ji:;;$ffi :"J,::il,*",I'ilT# jn:ff :;,":;:LT; i. take the half_vea tr, " p" i " o ffi , [.,:32:;;;xi:,i% ;f,r%j,"" T,:i:y,{ ilr, 1 u id a t io n ) f o r Audltors,Report p"d;;;"b;J'R'":',;.;JoL;:ig#T*,1;TJ';rfi ,H'."rr"/rff &: ffi il "J, I[L,t,XJa :ff #,#-: ?n"JT:;ilj}, T ffi '?" "' xi ii. cost of this aoo be permiued tcli::tiln IC.YT fee Stamps ,[ffI L,. " "", * *i1i :ffi Efft]s*t:lil"*#l]ii reimbursement uno" ts available in ihe c, rearization or r.ll.ln:. t"" r,.o''it'"';';:Tp?nI'" account' subject to sets or the c"r;;.yii;;,qrj, ilrHffi::r" 1]:J;8":-" This applicatjon cor ru;::,,r*;:::",1'H:;;fl :iT::"ffi1.;:';nl::1il,H::; company Apprication "no n'nn cou( for the state of relangana, in .rpport or tn" Advocate ror the officiar . rrffiil;l::rl" '*"ents or sri J.srinath Reddy,

IN THE HIGTI COURT FOR TTIE STATE OF TELANGANA AT HYDERABAI) THE HON'BLE SMT.JUSTICE T. MADHAVI DEVI COMPANY APPLICATION No.75 0B 2026 IN RCC.No-22 0F 2000 DATE: 06.05.2026 Between: The Offi ciat [-iquidator, Attached to the [lon'blc High Court of Telangana and Andhra Pradesh, 1" Ftir, Corporate Bhawan. Bancllaguda' Nagole' Hyderabad 500068. ..Applicant ORDER This application is filed under Section 462 of Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959, seeking the follou'ing reliefs: i.Totakethehatf-yearlyaccountsofthesubjectcompany(in tiquidation) for the period lrom 01 '04'2024 to 30'09'2024' along with tndependent Auditors' Report dated 27 '01 '2026 submitted on 30'01'2026 by M/s' Padmanabha Rao & Co'' CharteredAccountantsonrecordandpermissionmaybe COMPA 75 2026 in RCC 22 2000 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 & Notary Charges etc.,) may be permitted to be met out t,y the Official Liquidator from the available funds of th,-, co11pun, 1.n liquidation) or Estate and Establishmenr Funl account if no iunci is avaiiabie in thc cornpany.s accourlt; subject to reimbursement of the same from the iunds <>l cornpany (-in liqn) upon realization of assers of the Corlpany (in liqn) whenever so happened and 1'o pass such other order or orders as this Hon,bte Court mav deem fit and proper in this regard.

Heard Sri J. Sreenadh Reddy, Iearned counscl appearing for the Official Liquidator and perused the allldavit filed in supporr of this application.

Having regard to the reasons stated in the r.ccompanying atfldavit and upon considering ,1.," ;.,211-_1,.earl! accounrs fited by the leamed Official Liquidator, this application is allorved with the following:- t:a COMPA 75 2026 in RCC 22 2000 a. The half-yearty accounts of the subject company, which is liquidation for the period from 0l '04'2024 to tn 30.09.2024, along with Independent Auditors' Report dated 09.02.2026 s;bmitted on 11'02'2026 by M/s' Murthy & Kanth., Chartered Accountants are taken on record b. Perrnission is accorded to the leamed Official Liquidator lo pay an audit l'ee ol Rs.500/- plus GST to the auditor' c. Permission is also accorded to the leamed Official Liquidator to make the said payment fiom the available funds of the Company (in iiquidation), or from the Estate and E,stablishment Fund account if no fund is available in the Company's account, subject to reimbursement from the funds of Company (in liquidation) upon realization of M. RAMANA KRISHN its assets. JOINT REGIS //// CTION OFFICER

The Official Liquidator, It//s Tungabhadra lndustries Li ed (ln Liqn) attached Pradesh, 1st floor, 2 ," t", 3 to the Hon'ble High Court of Telangana, and Andhfa Corporate Bhawan, Bandlaguda, Nagole, Hyderabad -500068 The Regjstrar of Companies, tvlinistry of Corporate Affairs, Government of lndia, 2"" Floor, Corporate Bhawan, Nagole, Bandlaguda, Thattiannarama Village, Hayathnagar lVlandal, Ranga Reddy District, Telangana State Pin Code-500068 The Regional Director, South Eastern Region, Ministry of Corporate Affairs, 3'o Floor, Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village, Hayathnagar Mandal, Ranga Reddy District, Telangana State Pin Code 500068 The Section Officer, O.S.Section, High Court of Hyderabad for the State of Telangana One CC to Sri J.Srinath Reddy, Advocate for Official Liquidator, High Court for the State of Telangana(OPUC) Two CD Cooies 4. 5. 6. k-

HIGH COURT DATED:06/05/2026 ORDER C.A.No.75 a! 2A26 IN R.C.C.No.22 of 2000 ALLOWING THE COMPANY APPLICATION WITHOUT COSTS. ( e 1l g o 4,/Lr ?06 o t }it; '+ * + .?i,r,, \:-= lTChtEo t IJ pI ?b

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.