M/S.Fiona Consumer Products Private Limited(In Liqn) vs. Nil
Facts
The Official Liquidator, attached to the High Court for the State of Telangana, filed a Company Application seeking permission to take on record the half-yearly accounts of M/s. Fiona Consumer Products Private Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the Independent Auditors' Report dated 13.12.2024. The application also sought permission to make the payment of an audit fee of Rs. 500/- plus GST to the auditor. Additionally, the Official Liquidator requested permission to meet the costs of the application from the company's available funds or the Estate and Establishment Fund if company funds were insufficient. The application was supported by an affidavit and heard by the Court.
Held
The Court, having perused the auditor's report dated 13.12.2024 with the assistance of the learned counsel for the Official Liquidator and being satisfied, took the report and the half-yearly accounts on record. Consequently, the Court allowed the application. Permission was granted to the Official Liquidator to make the payment of the audit fee of Rs. 500/- plus GST to the auditor. The Court also permitted the costs of the application to be met from the available funds of the Company (in liquidation). The Court stated, "There shall be no order as to costs." As a sequel, any pending miscellaneous petitions in the Company Application were ordered to stand closed.
Key Issues
1. Whether the Court should permit the Official Liquidator to take on record the half-yearly accounts of the company in liquidation for the period 01.10.2022 to 31.03.2023, along with the Independent Auditors' Report dated 13.12.2024, under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. 2. Whether permission should be granted to the Official Liquidator to make the payment of audit fee amounting to Rs. 500/- plus GST to the auditor. 3. Whether the costs of the Company Application should be permitted to be met from the available funds of the company (in liquidation) or the Estate and Establishment Fund. The petitioner (Official Liquidator) argued for the approval of the accounts, the payment of audit fees, and the meeting of application costs from company funds. The revenue or State did not record any specific arguments in the judgment.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
Between: IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD TUE AY, THE ELEVENTH DAY OF MARCH TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION No.53 o1"2025 IN C.P. NO: 126 ot 2014 ln the matter of the Companies Act, 1956 And ln the matter of M/s. Fiona Consumer products private Limited take the half-yearly accounts of the subject company (in liquidation) for the period Irom 0111012022 to 31103t2023, along with lndependent Auditors Report dated 13t1212024 submitted on 16t12t2024 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.500i- 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 and Establishment Fund account if no fund is avaitable in the company,s account.
The official Liquidator, attactred to the_Honourable High court of relangana, and ff9i,tq Pradesh, 1st ftoor, Corporate Bhawan, BandtiludJ, f.frg"t", HVZ"irbrJ: 500068. ...Applicant Application under section 462 of the
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