M/S. Preyanshu Exports Limited(In Liqn) vs. Nil
Facts
The Official Liquidator, attached to the Telangana High Court, filed Company Application No. 88 of 2025 in Company Petition No. 83 of 2000. The application sought permission to take on record the half-yearly accounts of M/s. Preyanshu Exports 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. The Official Liquidator also requested 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, subject to reimbursement. The application was supported by an affidavit and argued by the counsel for the Official Liquidator.
Held
The Court held that the application was ordered. Specifically, the half-yearly accounts of M/s. Preyanshu Exports 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 granted to the Official Liquidator to pay an audit fee of Rs. 500/- plus GST to the auditor. Furthermore, the Official Liquidator was permitted 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 was satisfied with the reasons provided in the supporting affidavit and considered the filed accounts.
Key Issues
1. Whether the Court should take on record the half-yearly accounts of the company in liquidation for the period April 1, 2023, to September 30, 2023, along with the Independent Auditor's Report dated May 27, 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 in liquidation or the Estate and Establishment Fund, subject to reimbursement? Petitioner's Arguments: The Official Liquidator, representing the company in liquidation, argued for the acceptance of the application, seeking judicial approval for the accounting and payment of audit fees as presented. The counsel emphasized the necessity of these steps for the proper winding up of the company's affairs. Revenue's Arguments: The judgment does not record any specific arguments from the revenue or state authorities regarding these issues.
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 WEDNE AY, THE SIXTH DAY OF AUGUST TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION No. 88 of 2025 IN COMPANY PETITION No: 83 of 2000 ln the matter of the Companies Act, 1956 And ln the matter of M/s. Preyanshu Exports Limited(in liqn)'
The official Liquidator, attiched to the Hon'ble High court of Telangana, and AndhraPradesh, 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 sublect 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 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 Official Liquidator from the av
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