M/S.Asia Pacific Investment Trust Limited(In Liqn) vs. No Respondent

Facts

The Official Liquidator, attached to the High Court for the State of Telangana, filed Company Application No. 43 of 2025 in Company Petition No. 84 of 1997. The application sought to take on record the half-yearly accounts of M/s. Asia Pacific Investment Trust Limited (in liquidation) for the period from October 1, 2022, to March 31, 2023, along with the Independent Auditors' Report dated December 13, 2024. Additionally, the Official Liquidator sought 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 requested permission to meet the costs of the application from the company's available funds or the Estate and Establishment Fund.

Held

The Court considered the application filed by the Official Liquidator under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. After perusing the Independent Auditors' Report dated December 13, 2024, with the assistance of the counsel for the Official Liquidator, the Court was satisfied with the report. Consequently, the Court decided to take the half-yearly accounts of M/s. Asia Pacific Investment Trust Limited (in liquidation) for the period from October 1, 2022, to March 31, 2023, along with the auditors' report, on record. Furthermore, 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 would be no order as to costs.

Key Issues

1. Whether 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, should be taken on record by the Court, as required 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 pay an audit fee of Rs. 500/- plus GST to the auditors, M/s. Padmanabha Rao and Co., Chartered Accountants? Arguments for the Petitioner (Official Liquidator): The Official Liquidator, through his counsel, presented the application seeking the Court's approval for the accounts and the payment of audit fees. The application was supported by an affidavit and the auditors' report. The counsel argued for the acceptance of the accounts and the authorization of the payment as requested. Arguments for the Revenue/State: The judgment does not record any specific arguments or contentions made by the revenue or state in this matter.