M/S.Fenovision Limited(In Liqn) vs. No Respondent
Facts
This matter concerns Company Application No. 52 of 2025, filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The applicant, the Official Liquidator of M/s. Fenovision Limited (in liquidation), sought to place on record the half-yearly accounts for the period from 01.10.2022 to 31.03.2023, along with the Independent Auditors' Report dated 13.12.2024. The application also requested permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao and Co., Chartered Accountants. The cost of the application was to be met from the company's available funds or the Estate and Establishment Fund.
Held
The Court held that the Independent Auditors' Report, dated 13.12.2024, was satisfactory. Consequently, the Court allowed the application, taking the half-yearly accounts of the subject company for the period from 01.10.2022 to 31.03.2023, along with the auditors' report, on record. Permission was also accorded to the Official Liquidator to make the payment of the audit fee of Rs. 500/- plus GST to the auditor. The cost of the application was to be met from the available funds of the company in liquidation. The Court also directed that any pending miscellaneous petitions related to this application would stand closed. No issue was expressly left undecided.
Key Issues
1. Whether the Court should take on record the half-yearly accounts of the company (in liquidation) for the period 01.10.2022 to 31.03.2023 and the accompanying Independent Auditors' Report. 2. Whether permission should be granted to the Official Liquidator to pay the audit fee of Rs. 500/- plus GST to the auditors. The petitioner (Official Liquidator) argued that the application was in compliance with the relevant provisions of the Companies Act and Rules, and that the auditors' report was satisfactory. The revenue or State did not appear to have made any specific arguments recorded in the judgment, as the matter was presented as an oral order based on the perusal of the auditor's report and the arguments of the petitioner's counsel.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
Between: [ 3168 ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD TUE AY, THE ELEVENTH DAY OF MARCH TWO THOUSAND AND TWENry FME PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION No.52 of2025 IN C.P. NO: 46 of 1995 ln the matter of the Companies Act, 1956 And In the matter of M/s.Fenovision Limited(in liqn), take the half-yearly accounts of the subject company (in liquidation) for the period from 01 10.2022 to 31.03.2023, along with lndependent Auditors' Report dated 13 12.2024 submitted on 16.12.2O24 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 permrtted 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 available in the company,s account.
The. official Liquidator, attached to the Hon'bre Hioh court of rerangana and |19!g Pradesh, 1st ftoor, Corporate Bha;;n, BaMiaguda, Nagote, HVEeiaUaO: 500068 ...Applicant Apprication under Section 462 of the companies Act
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