M/S. Ontime Pharma Limitcd(In Liqn) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed Company Application No. 103 of 2025. The application sought to take on record the half-yearly accounts of M/s. Ontime Pharma Limited (in liquidation) for the period from April 1, 2023, to September 30, 2023. It also requested permission to pay an audit fee of Rs. 500/- plus GST to the independent auditors, M/s. Padmanabha Rao and Co., Chartered Accountants. 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 company assets. The application was supported by an affidavit and heard by the High Court.
Held
The Court held that the half-yearly accounts of M/s. Ontime Pharma Limited (in liquidation) for the period from 01.04.2023 to 30.09.2023, along with the Independent Auditor's Report dated 27.05.2025, should be taken on record. Permission was granted to the Official Liquidator to pay the audit fee of Rs. 500/- plus GST to the auditor. Furthermore, the Court permitted 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 mentioned in the supporting affidavit and considered the filed accounts.
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. 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 available funds or the Estate and Establishment Fund, subject to reimbursement. The petitioner, the Official Liquidator, argued for the approval of the accounts and the payment of audit fees and application costs, citing the necessity for proper liquidation proceedings. The revenue or State did not file any counter or present arguments, as recorded in the judgment.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
WEDNE AY,THE SIXTH DAY OF AUGUST TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION NO. 103 OF 2025 ln C.P. NO. 167 ot2001 ln the matter of the Companies Act, '1956 And In the matter of M/s. Ontime Pharma Limited ( in Liqn)
Between: The Official Liquidator, attaihed to the Hon'ble High Court of Telangana, and Andhra Pradesh, 1" floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad -500068 ...APPLICANT Company 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 Hon'ble Court may be pleased to: take the haltyearly accounts of the subject company (in liquidation) for the period from 0110412023 to 3010912023, along with lndependent Auditors'
Report dated 2710512025 submitted on 0310612025 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 available funds of the company (in liquidation) or Estate a
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