M/S.Ebf Finance Limited(In Liqn) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court for the State of Telangana and Andhra Pradesh, filed a Company Application (No. 66 of 2025) under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The application sought to take on record the half-yearly accounts of M/s. EBF Finance Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the independent Auditors' Report dated 13.12.2024. It also prayed for permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao and Co., Chartered Accountants, and to meet the cost of the application from the company's funds or the Estate and Establishment Fund.
Held
The Court perused the auditors' report dated 13.12.2024 with the assistance of the counsel for the Official Liquidator and, being satisfied, took the report and the half-yearly accounts of the subject company for the period from 01.10.2022 to 31.03.2023 on record. Permission was granted to the Official Liquidator to make the payment of the audit fee of Rs. 500/- plus GST to the auditor. The costs of the application were also permitted to be met from the available funds of the company in liquidation. The Court directed that there shall be no order as to costs for the application itself. Any pending miscellaneous petitions in the Company Application were ordered to stand closed.
Key Issues
1. Whether the half-yearly accounts of the company in liquidation for the period 01.10.2022 to 31.03.2023, along with the auditors' report, should be taken on record by the Court, as required under Section 462 of the Companies Act, 1956 and 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 of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao and Co., Chartered Accountants? The Official Liquidator argued for the acceptance of the accounts and auditors' report and for permission to pay the audit fee and costs, citing the relevant provisions of the Companies Act and Rules. The revenue or State did not appear to have made any arguments as the matter was an application by the Official Liquidator for administrative and procedural approval.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
[ 3168 l 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. 66 of 2025 IN C.P. NO: 7 of 1996 ln the matter of the Companies Act, 1956 And ln the matter of M/s.EBF Finance Limited(in liqn), Between: The. official .Liquidator, attached to the Honbre_ High court of rerangana, and Andhra-Pradesh, 1st floor. Corporate Bhawan, eanEiaguOa, f.frgol", l_iyd*L6;i -500068 ...Applicant Application under section 462 of the companies Act, 1956 read with Rule 298 and Rure 306 of the companies (court) 1959 praying that this Hon,bre Court may be pleased to. i) take the half-yearly accounts of the subject company (in liquidation) for the period from 01.'10.2022 to 31 03.2023, along'with independent Auditors' Report dated 13.12.2024 submitted oniA.e.ZOZq 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. ii) cost of this application (Court fee Stamps and Notary Charges etc.,) may be permitted to be met out by the officiar Liquidator "from the a
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