M/S. Ameya Laboratories Limited(In Liqn) vs. No Respondent

Facts

The Official Liquidator, attached to the High Court for the State of Telangana, filed a Company Application (CA No. 49 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. Ameya Laboratories Limited (in liquidation) for the period from October 1, 2022, to March 31, 2023. It also requested permission to make a payment of Rs. 500/- plus GST as audit fee to the independent auditors, M/s. Padmanabha Rao and Co., Chartered Accountants, whose report was dated December 13, 2024, and submitted on December 16, 2024. The application further prayed for permission to meet the costs of the application from the company's funds or the Estate and Establishment Fund.

Held

The Court considered the application filed by the Official Liquidator. After perusing the Independent Auditors' Report dated December 13, 2024, submitted by M/s. Padmanabha Rao & Co., Chartered Accountants, and with the assistance of the learned counsel for the Official Liquidator, the Court was satisfied with the report. Consequently, the Court ordered that the half-yearly accounts of the subject company (in liquidation) for the period from October 1, 2022, to March 31, 2023, along with the auditors' report, be taken on record. The Court also accorded permission 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 permitted to be met from the available funds of the company in liquidation. No order was made as to costs. The ratio decidendi is that the Court will grant approval for the accounts and associated expenses of a company in liquidation upon being satisfied with the auditor's report and the compliance with relevant company law provisions.

Key Issues

1. Whether the Court should take on record the half-yearly accounts of the company in liquidation for the period from October 1, 2022, to March 31, 2023, along with the Independent Auditors' Report, 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? Petitioner's Arguments: The Official Liquidator, representing the company in liquidation, presented the application seeking judicial approval for the accounts and the payment of audit fees. The arguments were made by the counsel for the Official Liquidator, who satisfied the Court with the auditor's report. Revenue's Arguments: The judgment does not record any specific arguments or contentions from the revenue or state authorities regarding this application.