M/S. Nirup Synchrome Limited.(In Liqn.) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana, filed Company Application No. 29 of 2025. The application sought to take on record the half-yearly accounts of M/s Nirup Synchrome Limited (in liquidation) for the period 01.10.2022 to 31.03.2023, along with the Auditors' Report dated 01.11.2024 submitted by M/s. KBS and Associates, Chartered Accountants. The Official Liquidator also requested permission to pay an audit fee of Rs. 500/- plus GST to the auditor and to meet the cost of the application from the company's funds or the Estate and Establishment Fund. The application was filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959.
Held
The Court held that the half-yearly accounts and the Auditors' Report of M/s Nirup Synchrome Limited (in liquidation) for the period 01.10.2022 to 31.03.2023 should be taken on record. The Court perused the Auditors' Report with the assistance of the learned counsel for the Official Liquidator and found the prayer to be acceptable. The reasoning was based on the Official Liquidator's duty to manage the company's affairs during liquidation and to present its financial status to the Court. The ratio decidendi is that the High Court, in its supervisory role over companies in liquidation, will approve the filing of statutory accounts and reports submitted by the Official Liquidator, provided they are in order. The Court ordered accordingly, granting the prayer of the Official Liquidator.
Key Issues
1. Whether the Court should take on record the half-yearly accounts and the Auditors' Report of the company in liquidation for the period 01.10.2022 to 31.03.2023. This issue turns on the procedural requirements for winding up companies under the Companies Act, 1956, and the Companies (Court) Rules, 1959. The petitioner (Official Liquidator) argued that the application was filed to comply with these procedural requirements and to ensure proper accounting of the company's affairs. The revenue or State did not present any arguments as this was an application by the Official Liquidator for administrative purposes, not a dispute involving tax liability.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
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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. 29 of 2025 IN R.C.C. NO: 10 OF 2000 ln the matter of the Companies Act, 1956 And ln the matter of M/s Nirup Synchrome Limited.(ln Liqn.), take the half-yearly accounts of the subject company (in liquidation) for the period lrom 01 .10.2022 to 31 .03.2023, along with Auditors Report dated 01.11.2024 submitted on 05.11.2024 by M/s. KBS and Associates., Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500i- 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 Liquidator from the available funds of the company (in liquidation) or Estate and Establishment Fund account if no fund is available in the company s account; The Official Liquidator, attached to the Honble High Court of Telangana, and Andhra Pradesh, 1"'floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 5000680. ...Applicant Application Under Section 462 of the Compani
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