M/S.Targof Pure Drugs 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 to take on record the half-yearly accounts of M/s. Targof Pure Drugs Limited (in liquidation) for the period 01.10.2024 to 31.03.2025, along with the Independent Auditor's Report. The application also sought permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao & Company. Furthermore, the Official Liquidator requested permission 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 High Court.
Held
The Court decided to allow the application. It ordered that the half-yearly accounts of M/s. Targof Pure Drugs Limited (in liquidation) for the period 01.10.2024 to 31.03.2025, along with the Independent Auditor's Report dated 03.04.2026, 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 auditors. Additionally, permission was accorded to the Official Liquidator to make this payment from the available funds of the company in liquidation or from the Estate and Establishment Fund, subject to reimbursement from the company's assets upon their realization. The reasoning was based on the reasons stated in the accompanying affidavit and the consideration of the filed half-yearly accounts.
Key Issues
1. Whether the half-yearly accounts of the company in liquidation for the period 01.10.2024 to 31.03.2025, along with the Independent Auditor's Report, should be taken on record by the Court. The Official Liquidator argued that these accounts were being filed regularly as required and sought their formal acceptance by the Court. 2. Whether permission should be granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors. The Official Liquidator contended that this payment was necessary for the audit services rendered and sought the Court's approval for the disbursement. 3. Whether the costs of the application, including court fees and notary charges, should be permitted to be met from the company's available funds or the Estate and Establishment Fund, with a provision for reimbursement. The Official Liquidator sought this permission to ensure the smooth progression of the liquidation process without immediate financial strain on the company's assets.
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 TELANGANA AT HYDERABAD THE HONOURABLE SMT. JUSTICE T. MADHAVI DEVI COMPANY APPLICATION NO.I27 OF 2026 IN COMPANY PETITION NO.164 OF 2OO4 DATED | 06.07.2026 Between: The Offi cial Liquidator, Attached to the Hon'ble High Court of Telangana and Andhra Pradesh, l" floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad-500068. . Applicant ORDER This application is filed under Section 462 of Companies Act, 1956, read with Rule 306 read with Rule 298 of the Companies (Court) Rules, 1959, seeking the following reliels To take the half-yearly accounts of the subject company (in Iiquidation) for the period from 01.10.2024 to 31.03.2025, along \with Independent Auditors'Report dated 03.04.2026 submitted on f,I- IOMPA No.127 of2026 06.04.2026 by M/s. Padmanabha Rao & Co npany., Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500/- ptus GST tc the said auditor. ii. Cost of this application (Court fee Stamps & Norar.y Charges etc.,) may be permitted to be met our by the Offrcial 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), if any, and iii. to pass such other order or orders as this Hon,bl: Courl mav deem fit and proper in this regard.
Heard Sri J. Sreenadh Reddy, learned counsel appearing for the Officiat Liquidator and perused the affidavit fited in support of this application. 3 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:_ 2
-t-E!aE7 COMPA No. 127 of2026 a The half-yearly accounts of the subject company, which is in liquidation for the period from 0l .10.2024 to 3 1.03.2025, along with Independent Auditors' Report dated 03.04.2026 submitted on 06.04.2026 by M/s. Padmanabha Rao & Company, Chartered Accountants are 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 learned Official Liquidator 3 c 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 Company (in liquidation) upon realization of its assets B, SATYAVATHI JOINT REGISTRAR //// SECTION OFFICER To, 1 The official Liquidator, M/s.Targof Pure Drugs Limited (ln Liqn) office at lst floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad -500068. The Registrar of Companiei, Ministry of Corporate Affairs, Government of lndia 2nd floo-r Corporate Bhawan, Nagole' Bandlaguda, Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District, Telangana State Pin Code 500
The Regional Director, South Eastern Region, Ministry of Corporate Affairs,3'd floor Corporate Bhawan, Nagole, Bandlaguda' Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District Telangana State' Pin Code 500 680 The Section Officer, O.S. Section, High Court at Hyderabad, for the State of 4 2 Telangana.
One CC to Sri J Hyderabad.
Two CD Copies Sreenadh Reddy, Counsel for Official Liquidator, High Court at 6
HIGH COURT DATED: 0610712026 ORDER COMPANY APPLICATION NO. '127 OF 2026 IN COMPANY PETITION No. 164 of 2004 ALLOWING THE APPLICATION -i' ,t"'o / <-t iJ IHESI{ r6 1 JUL 20ffi Z. frr :pr rC\r!! rO 3 ,). ,''.o '.tar, .b ti o+/ t ,// ' ,
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.