M/S.Jagadambay Agri Genetics Limited(In Liqn) vs. Nil

Facts

The Official Liquidator, attached to the High Court for the State of Telangana and Andhra Pradesh, filed a Company Application (No. 68 of 2025) under Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959. The application sought to take on record the half-yearly accounts of M/s. Jagadambay Agri Genetics Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the Independent Auditors' Report dated 13.12.2024. Additionally, it requested permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao and Co., Chartered Accountants. The application also sought permission to meet the costs of the application from the company's funds or the Estate and Establishment Fund.

Held

The Court, after perusing the auditors' report dated 13.12.2024 with the assistance of the learned counsel for the Official Liquidator and being satisfied, ordered that the application be allowed. The half-yearly accounts of the subject company (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the auditors' report, were taken on record. Permission was 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 directed to be met from the available funds of the Company (in liquidation). The Court also stated that 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 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, should be taken on record, as per the application filed 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. 3. Whether the cost of the application can be met from the available funds of the company (in liquidation) or the Estate and Establishment Fund. Petitioner's Arguments: The Official Liquidator, through their counsel, presented the application seeking approval of accounts, payment of audit fees, and meeting application costs. The arguments focused on the procedural requirements and the necessity of these approvals for the liquidation process. Revenue's Arguments: The judgment does not record any specific arguments from the revenue or state side. The court perused the auditors' report with the assistance of the Official Liquidator's counsel.