M/S.Twin Cities Permanent Fund Limited(In Liqn) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed Company Application No. 127 of 2025. The application sought permission to take on record the half-yearly accounts of M/s. Twin Cities Permanent Fund Limited (in liquidation) for the period 01.10.2022 to 31.03.2023. It also requested permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Murthy and Kanth, Chartered Accountants, and 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, having satisfied with the reasons in the supporting affidavit and considering the half-yearly accounts, ordered as follows: (a) The half-yearly accounts of the company in liquidation for the period 01.10.2022 to 31.03.2023, along with the auditor's report dated 10.04.2025, were taken on record. (b) Permission was accorded to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditor. (c) Permission was also granted to make this payment from the available funds of the company in liquidation or from the Estate and Establishment Fund, subject to reimbursement upon realization of the company's assets. The Court found no impediment to granting these permissions based on the Official Liquidator's submissions.
Key Issues
1. Whether the Court should take on record the half-yearly accounts of the company in liquidation for the period 01.10.2022 to 31.03.2023, along with the auditor's report dated 10.04.2025. 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 approval of the accounts, the payment of audit fees, and the meeting of application costs from available funds. The revenue or State did not appear to have made 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, Rule 298, Rule 300
AI-generated summary — verify with the full judgment below
[ 3168 ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THUR AY, THE SEVENTH DAY OF AUGUST TWO THOUSAND AND TWENTY FIVE PRESEI{T THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION No. 127 of 202s IN COMPANY PETITION Nos:169 & 183 of 2009 ln the matter of the Companies Act, 1956 And In the matter of M/s. Twin Cities Permanent Fund Limited (in liqn)
The Official Liquidator, attached to the Honourable High Court of Telangana, and Andhra Pradesh, 1st ftoor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - s00068 ...Applica nt Application under Section 462 of the Companies Act' 1956 read with Rule 298 and Rule 3OG of the Companies (Court) Rules, 1959 praying that this Court may be pleased to: i) take the half-yearly accounts of the subject company (in liquidation) for the period from 0111012022 to 3110312O23, along with Auditor Report dated 10/04/2025 submitted on 0510612025 by IVI/s. Murthy and Kanth, Chartered Accountants on record and permission 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
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