M/S.Magno Mining Co. Limited(In Liqn) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana, filed a Company Application seeking to take on record the half-yearly accounts of M/s. Magno Mining Co. Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023. The application also sought 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 submitted on 16.12.2024. The Official Liquidator 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 held that the half-yearly accounts of the subject company (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the Independent Auditors' Report dated 13.12.2024, should be taken on record. The Court was satisfied with the auditor's report. Consequently, permission was accorded 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 operative direction was to allow the application, take the accounts and report on record, and permit the payment of audit fees and costs. Any pending miscellaneous petitions in the Company Application were 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 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 make the payment of audit fee of Rs. 500/- plus GST to the auditors? Petitioner's Arguments: The Official Liquidator, through their counsel, presented the application and the auditor's report for the Court's consideration and approval. The primary contention was to facilitate the necessary accounting and audit processes for the company under liquidation. Revenue's Arguments: The judgment does not record any specific arguments from the revenue or state authorities. The Court proceeded based on the application filed by the Official Liquidator and the auditor's report.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD TUE AY, THE ELEVENTH DAY OF MARCH TWO THOUSAND AND TWENW FIVE PRESENT THE HONOURABLE SRI JUSTICE K,LAKSHMAN COMPANY APPLICATION No. 41 of 2025 IN COMPANY PETITION NO: 67 of 1997 ln the matter of the Companies Act, 1956 And ln the matter of M/s.Magno Mining Co. Limited (in liqn), Between: The Official Liquidator, attached to the Hon ble High Court of Telangana, and Andhra Pradesh, 1" floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 500068 ...Applicant Application under Section 462 of the Companies Act, '1956 read with Rules 298 and Rule 306 of the Companies (Court) Rules, 1959 praying that this 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 lndependent Auditors Report dated 13.12.2024 submitted on 16.12.2024 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 Official Liquidator from
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