M/S.Acme Fluro Polymers Limited(In Liqn) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court for the State of Telangana and Andhra Pradesh, filed a Company Application seeking to take on record the half-yearly accounts of M/s. ACME Fluro Polymers Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023. The application also sought permission to pay an audit fee of Rs. 500/- plus GST to the independent auditors, M/s. Padmanabha Rao and Co., Chartered Accountants, whose report was submitted. The Official Liquidator requested that the costs of the application be met from the company's available funds or the Estate and Establishment Fund if company funds were insufficient. The application was supported by an affidavit and argued by the Official Liquidator's counsel.
Held
The Court decided to take the half-yearly accounts of M/s. ACME Fluro Polymers Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the Independent Auditors' Report dated 13.12.2024, on record. The Court found the auditors' report satisfactory and, with the assistance of the Official Liquidator's counsel, perused it. 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 Court also noted that as a sequel to this order, any pending miscellaneous petitions in the Company Application would stand closed, and there would be no order as to costs.
Key Issues
1. Whether the Court should take on record the half-yearly accounts of M/s. ACME Fluro Polymers Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the Independent Auditors' Report dated 13.12.2024, 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. Contentions: Petitioner (Official Liquidator): The Official Liquidator presented the half-yearly accounts and the auditors' report and sought the Court's approval to take them on record and to permit the payment of the audit fee. The Official Liquidator also sought permission to meet the costs of the application from available funds. Revenue/State: No arguments were recorded for the Revenue or State in the judgment.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
[ 3168 ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD TUE AY, THE ELEVENTH DAY OF MARCH TWO THOUSAND AND TWENry FUE PRESENT THE HONOURABLE SRI JUSTICE K.LAKSHMAN COMPANY APPLICATION No. 63 of 2025 IN COMPANY PETITION NO: 34 OF 1997 ln the mafter of the Companies Act, 1956 And ln the mafter of M/s. ACME Fluro Polymers Limited (in liqn), Between: The Official Liquidator, attached to the Hon'ble High Court of Telangana, and Andhra Pradesh, 1st 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 0'111012022 to 3110312023, along with lndependent Auditors Report dated 131'1212024 submitted on 1611212024 by M/s. Padmanabha Rao and Co., Chartered Accountants on record and permission may be accorded to nake 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 permitted to be met out by the Official Liquida
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