M/S.Saibhya Oceanics Private.Limited. (In Liqn.) vs. Nil
Facts
The Official Liquidator (OL) of M/s. Saibhya Oceanics Private Limited (in liquidation) filed a Company Application before the High Court of Telangana. The application sought permission to take on record the half-yearly accounts for the period 01.04.2023 to 30.09.2023, along with the Independent Auditor's Report dated 27.05.2025. The OL also requested permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao and Co., Chartered Accountants. The application further prayed for permission to meet the costs of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement upon realization of assets. The application was supported by an affidavit and heard by the Court.
Held
The Court, having been satisfied with the reasons mentioned in the supporting affidavit and upon 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. Saibhya Oceanics Private Limited (in liquidation) for the period 01.04.2023 to 30.09.2023, along with the Independent 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 the Official Liquidator to make the said payment from the available funds of the company in liquidation, or from the Estate and Establishment Fund account 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 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 01.04.2023 to 30.09.2023, along with the Independent Auditor's Report dated 27.05.2025? 2. Whether permission should be granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditors? 3. Whether permission should be granted to the Official Liquidator to meet the costs of the application from the available funds of the company or the Estate and Establishment Fund, subject to reimbursement? Contentions: Petitioner (Official Liquidator): The OL, through its counsel, submitted the half-yearly accounts and the auditor's report and sought the Court's approval for the payment of audit fees and application costs. The OL satisfied the Court with the reasons provided in the supporting affidavit. Revenue/State: No arguments were recorded for the revenue or state in the judgment.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD WEDNE AY, THE SIXTH DAY OF AUGUST TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION No.109 of 2025 IN COMPANY PETITION No: 183 of 2016 ln the matter of the Companies Act, 1956 And ln the matter of M/s.Saibhya Oceanics Private.Limited. (in liqn.), The Official Liquidator, attached to the Honourable High Court of Telangana, and Andhra Pradesh, lst floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 500068 ...APPIicant 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 01.04.2023 to 30.09.2023, along with lndependent Auditors Report dated 27.05.2025 submitted on 03.06.2025 by IM/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 permrtted to be met out by the Official Liquidator fro
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