In The Matter Of M/S. Ranka Cables Limited(In Liqn) vs. No Respondent

Facts

The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed a Company Application (No. 105 of 2025) under Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959. The application sought to take on record the half-yearly accounts of M/s. Ranka Cables Limited (in liquidation) for the period from April 1, 2023, to September 30, 2023, along with the Independent Auditor's Report dated May 27, 2025. It also prayed for permission to pay an audit fee of Rs. 500/- plus GST to the auditor and to meet the costs of the application from the company's funds or the Estate and Establishment Fund account, subject to reimbursement.

Held

The Court held that the application was ordered. Specifically, the half-yearly accounts of M/s. Ranka Cables Limited (in liquidation) for the period from April 1, 2023, to September 30, 2023, along with the Independent Auditor's Report dated May 27, 2025, were taken on record. 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 the Official Liquidator to make this payment from the available funds of the company in liquidation, or from the Estate and Establishment Fund account if company funds were unavailable, subject to reimbursement upon realization of the company's assets. The Court was satisfied with the reasons presented in the supporting affidavit.

Key Issues

1. Whether the half-yearly accounts of the company in liquidation for the period 01.04.2023 to 30.09.2023, along with the Independent Auditor's Report dated 27.05.2025, should be taken on record, as prayed by the Official Liquidator under Section 462 of the Companies Act, 1956 and Rules 298 and 306 of the Companies (Court) Rules, 1959? 2. Whether permission should be granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditor, as requested in the application? 3. Whether the Official Liquidator should be permitted to meet the costs of the application from the available funds of the company (in liquidation) or the Estate and Establishment Fund account, subject to reimbursement, as sought by the applicant? The petitioner, the Official Liquidator, argued that the application was supported by a detailed affidavit and the reasons provided were satisfactory. The revenue or State did not appear to have filed any specific arguments or objections in this matter, as the judgment focuses solely on the Official Liquidator's submissions and the Court's decision based on them.