In The Matter Of M/S. Visveswara Finance And Chit Funds Limited(In Liqn) vs. Nil
Facts
The Official Liquidator, attached to the High Court of Telangana, filed Company Application No. 126 of 2025. The application sought permission to take on record the half-yearly accounts of M/s. Tirumala Technologies Limited (in liquidation) for the period from October 1, 2022, to March 31, 2023. It also requested permission to pay an audit fee of Rs. 500/- plus GST to the auditor, M/s. Murthy and Kanth, Chartered Accountants, whose report was submitted on June 5, 2025. The Official Liquidator further prayed for permission to meet the costs of the application from the company's available funds or the Estate and Establishment Fund, subject to reimbursement upon realization of assets. The application was supported by an affidavit dated July 16, 2025.
Held
The Court, having been satisfied with the reasons stated in the supporting affidavit and having considered the half-yearly accounts filed by the Official Liquidator, ordered as follows: (a) The half-yearly accounts 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 the Official Liquidator to make this payment from the available funds of the company in liquidation or from the Estate and Establishment Fund, if company funds were unavailable, subject to reimbursement from the company's assets upon realization. The Court did not expressly leave any issue undecided.
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 the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditor. 3. Whether the Official Liquidator should be permitted to meet the costs of the application from the available funds of the company or the Estate and Establishment Fund, subject to reimbursement. The Official Liquidator argued that the application was necessary for the proper winding up of the company and to ensure compliance with accounting and auditing requirements. The revenue or State did not file any counter or present arguments, as this was an application by the Official Liquidator in a company liquidation proceeding.
Sections Cited
Section 462, Rule 298, Rule 306
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 PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION No.126 OF 2025 IN COMPANY PETITION No. 30 of 2005 ln the matter of the Companies Act, 1956 And ln the matter of M/s. Tirumala Technologies Limited (in liqn), The Offlcial Liquidator, attached to the Honble High Court of Telangana, and Andhra Pradesh, lst 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 from 01.10.2022 To 31 .03.2023, along with Auditor Report dated 10.04.2025 submitted on 05.06.2025 by M/s. Murthy and Kanth, 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 Official Liquidator from the available fund
The judgment continues below.
Read the full judgment
A free account opens 10 full GST judgments a month (one account works on both bharattax.net and this site). Re-reading one you have already opened does not count again.
The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.
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.