M/S.ITC Agrotech Finance And Investments 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 No. 40 of 2026. The application sought to take on record the half-yearly accounts of M/s. ITC Agrotech Finance and Investments Limited (in liquidation) for the period from April 1, 2024, to September 30, 2024. It 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 application costs from the company's funds or the Estate and Establishment Fund. The application was supported by an affidavit and heard by the High Court.
Held
The Court held that the half-yearly accounts of the subject company, which is in liquidation, for the period from 01.04.2024 to 30.09.2024, along with the Independent Auditors' Report dated 12.01.2026, should be taken on record. The Court also granted permission 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 fund is available in the Company's account, subject to reimbursement from the funds of the Company (in liquidation) upon realization of its assets. The reasoning was based on the reasons stated in the accompanying affidavit and consideration of the filed accounts.
Key Issues
1. Whether 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 12.01.2026, 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 the Official Liquidator should be permitted to meet the costs of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement. The Official Liquidator argued for the acceptance of the accounts, payment of audit fees, and permission to use available funds for application costs. The judgment does not record any arguments from the revenue or state.
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 THE STATE OF TELA}IGANA AT HYDERABAD THE HON'BLE SMT.JUSTICE T. MADHAVI DEVI COMPANY APPLICATION No.40 of 2026 IN COMPANY PETITION No.4 of 1999 DATE: 17.03.2026 Between: The Offi cial Liquidator, Attached to the Hon'ble High Court of Telangana and Andhra Pradesh, 1't Floor, Corporate Bhawan, Bandlaguda' 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 following reliefs: i. To take the half-yearly accounts ol the subject company (in liquidation) for the pdriod from 0l .04.2024 to 30'09'2024, along with Independenl Auditors' Report dated 12'01 '2026 submitted on 22.01 .2026 by M/s. KBS & Associates, Chartered Accountants on record and permission may be \ COMPA_40_2026 in cP 4 1999 ll. acc()rded to make the payment of audit fee of Rs.500/- plus GSll to the said auditor. Cost of this application (Court fee Stamps & Notary Charges etc ) rnay be pennitted to be met out by the Official Liquidator from the available funds of the company (in liquidation) or Estate and Establishrnent 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 To pass sur:h other order or orders as this l-lon'ble Court may deem fit and prop'er in this regard
HearC Sri J. Sreenadh Reddy, learned counsel appearing for the Official Liquidator and perused the affidavit filed in support of this application.
Havirrg regard to the reasor.rs stated in the accompanying affidavit an,l upon considering the lialf-yearly accounts filed by the leamed Oflicial Liquidator, this application is allowed with the fbllowing:-
t COMPA_40_2026 in cP 4 1999 a The half-yearly accounts ofthe subject company, which is ln liquidation for the period from 01.04.2024 to 30.09.2024, along with Independent Auditors' Report dated 12.01.2026 submitted on 22.01.2026 by M/s. KBS & Associates, Chartered Accountants are taken on record b. Permission is accorded to the leamed Official Liquidator to pay an audit fee of Rs.500/- ptus GST to the auditor. c. Permission is also accorded to the leamed Official Liquidator to make the said payment from the available funds of the Company (in liquidation), or tiom the Estate and Establishment 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 its assets. . B. SATYAVATHI J NT REGISTRAR //// N OFFICER To,
The Official Liquidator, M/s.lTC Agrotech Finance and lnvestments Limited office at 1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad -500068. 2. The Registrar of Companies, Ministry of Corporate Affairs, Government of lndia 2nd floor, Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District, Telangana State Pin Code 5000C€. a. The Regi6nal Director, SoJth Eastern Region, Ministry of Corporate Affairs,3'd floor Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District Telangana Stale, Pin Code 500068,-. ,
T h t r:ffi:t"t::" fficer' o s Section, High court at Hvderabad, for rhe state of t ffa""ffij: Sri J Sreenadh Reddv, counsel for officiat Liquidator, High courr ar
Two CD Cop es t./w DUKAM I I I I I
HIGH COUFTT DATED: 1710312026 r, ORDER )o 15 JUL 2[2$ ,D Fc .,, r \) rC *rilE lTe ,2o.\ !J .,K COMPANY I\PPLICATION No. 40 of 2026 N COMPANY PETITION NO: 4 OF 1999 ALLOWING'I'HE APPLICATION 1 (, xl, c
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.