M/S. Oban Finance And Investments Limited(In Liqn) vs. No Respondent
Facts
The Official Liquidator (OL) of M/s. OBAN Finance and Investments Limited (in liquidation) filed a Company Application seeking permission to take on record the half-yearly accounts for the period April 1, 2023, to September 30, 2023, along with the Independent Auditor's Report. 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. Furthermore, the OL 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 company assets. The application was supported by an affidavit and heard by the High Court.
Held
The Court, having considered the reasons provided in the supporting affidavit and the half-yearly accounts filed by the Official Liquidator, ordered the application. Specifically, the Court took on record the half-yearly accounts of the company in liquidation for the period from April 1, 2023, to September 30, 2023, along with the Independent Auditor's Report dated May 27, 2025. Permission was accorded to the Official Liquidator to pay an audit fee of Rs. 500 plus GST to the auditor. Additionally, 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 was satisfied with the reasons presented in the affidavit.
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 auditors. 3. Whether permission should be granted to the Official Liquidator to meet the costs of the application from the company's funds or the Estate and Establishment Fund, subject to reimbursement. Contentions: Petitioner (Official Liquidator): The OL presented the half-yearly accounts and auditor's report for the specified period and sought the Court's approval for the payment of audit fees and application costs, citing the necessity of these expenses for the liquidation process. The OL relied on the supporting affidavit to justify the requests. Revenue/State: No arguments were recorded for the Revenue or State in the judgment.
Sections Cited
Section 462, Companies Act, 1956, Rule 298, Rule 306, Companies (Court) Rules, 1959
AI-generated summary — verify with the full judgment below
[ 3168 ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABD WEDNE AY THE SIXTH DAY OF AUGUST TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION No. 99 of 2025 IN COMPANY PETITION No: 67 of 2002 ln the matter of the Companies Act, 1956 And ln the matter of M/s. OBAN Finance and lnvestments Limited (in liqn), The Official 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 . 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. 5001 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 L
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