M/S.Mamatha Chit Funds Private Limited (In Prov.Liqn.) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed Company Application No. 175 of 2025. The application sought permission to take on record the half-yearly accounts of M/s. Mamatha Chit Funds Private Limited (in Provisional Liquidation) for the period from 01.10.2023 to 31.03.2024. It also requested permission to pay an audit fee of Rs. 500/- plus GST to the independent auditors, M/s. Padmanabha Rao and Co., Chartered Accountants. The Official Liquidator further sought permission to meet the costs of the application, including court fees and notary charges, from the company's available funds or the Estate and Establishment Fund, subject to reimbursement upon realization of assets.
Held
The Court, having satisfied with the reasons mentioned in the supporting affidavit and considering the half-yearly accounts filed by the Official Liquidator, ordered the application. The Court took on record the half-yearly accounts of M/s. Mamatha Chit Funds Private Limited for the period 01.10.2023 to 31.03.2024, along with the Auditor's Report dated 27.05.2025. Permission was accorded to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditor. Furthermore, permission was granted 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 implicitly permitted the costs of the application to be met as prayed.
Key Issues
1. Whether the Court should take on record the half-yearly accounts of the company in liquidation for the period 01.10.2023 to 31.03.2024, along with the Independent Auditors Report dated 27.05.2025. 2. Whether permission should be granted to make the payment of audit fee of Rs. 500/- plus GST to the auditor. 3. Whether permission should be granted 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 that the application was made in accordance with the Companies Act, 1956, and the Companies (Court) Rules, 1959. 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
i I I i I i [ 3168 ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THUR AY, THE SEVENTH DAY OF AUGUST TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION No.175 of 2025 IN COMPANY PETITION No:13 of 2002 ln the matter of the Companies Act, 1956 And ln the matter of M/s.Mamatha Chit Funds Private Limited (ln Prov.Liqn.)
The Official Liquidator, attached to the Honourable High Court of Telangana, and Andhra Pradesh, 1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 500068 ...Applicant Application under Section 462 of the Companies Act, '1956 read with Rule 298 and Rule 306 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 t(om 0111012023 to 3110312024, along with lndependent Auditors Report dated 2710512025 submitted on 0310O12025 by M/s Padmanabha Rao and Co., Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500/- 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
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