M/S. Preyanshu Exports Limited. (In Liqn.) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court for the State of Telangana, filed a Company Application seeking to take on record the half-yearly accounts of M/s. Preyanshu Exports Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the Auditor's Report dated 01.11.2024 submitted by M/s. KBS and Associates, Chartered Accountants. The application also sought permission to make the payment of audit fee of Rs. 500/- plus GST to the auditors and to debit the court fee and notary charges from the company's funds or the Estate and Establishment Fund. The Court perused the Auditor's Report with the assistance of the counsel for the Official Liquidator.
Held
The Court accepted the prayers made in the Company Application. The half-yearly accounts of M/s. Preyanshu Exports Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the Auditor's Report submitted by M/s. KBS and Associates, Chartered Accountants, were taken on record. The Court also implicitly permitted the payment of the audit fee and other costs as prayed for by the Official Liquidator, as the application was ordered accordingly. The Court's reasoning was based on the perusal of the Auditor's Report and the compliance with the relevant provisions of the Companies Act and Rules.
Key Issues
1. Whether the half-yearly accounts and the Auditor's Report of the company in liquidation for the period 01.10.2022 to 31.03.2023 should be taken on record by the Court. The Petitioner (Official Liquidator) argued that the application was filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959, seeking the Court's approval to record the accounts and permit payment of audit fees and other costs. The Petitioner contended that these steps were necessary for the proper winding up of the company. The Revenue or State did not appear to have made any specific arguments recorded in the judgment.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
.., ..--':.''*'.:rar--1ta::, ::a Between: IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD FRIDAY, THE FOURTEENTH DAY OF FEBRUARY TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE T.VINOD KUMAR ) COMPANY APPLICATION No. 17 of2025 IN COMPANY PET ON NO: 83 0F 2000 ln the matter of The Companies Act, 1956 And ln the matter of M/s. Preyanshu Exports Limited' (ln Liqn)'
The Official Liquidator, attached to the Honbte High Court of Telangana' and nnO6ia priO"rf,, f st n,joi,'Coiporji"-Afrr*rn, Band'iaguda, Nagole, Hyderabad - 500068 ...APPlicant Application Under Section 462 of the Companies Act' 1956 read with Rule 2gSandRule306ottneCompanieslCourtlRules'1959)prayingthatthisHon'ble'
Court may be Pleased to. i) take the half- yearly accounts of the ^subj^e^ct company (in liquidation) for the period from oinotzozz to 31to3t2023, along with Auditors Report dated o1l11t2)i4 submitted on 0511112024 by M/s. KBS and Associates., Chartered Accountants on record and permission laV pe accorded to make the payment of audit fee of Rs 500/- plus GST to the said auditor. ii) cost of this application (Court fee StlTP? and Notary Charges etc ').may be permitted to Oe mei out
The judgment continues below.
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