M/S. Ontime Pharma Limited (In Liqn.) vs. No Address
Facts
The Official Liquidator, attached to the High Court for the State of Telangana, filed Company Application No. 19 of 2025. The application, filed under Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959, sought to take on record the half-yearly accounts of M/s. Ontime Pharma Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023. It also requested permission to make payment of audit fee of Rs. 500/- plus GST to the auditor, M/s. KBS and Associates, Chartered Accountants, and to meet the cost of the application from the company's funds or the Estate and Establishment Fund. The affidavit in support was filed by Sri Uttam Kumar Sahoo, Official Liquidator.
Held
The Court accepted the prayer made in the Company Application. It ordered that the half-yearly accounts of M/s. Ontime Pharma Limited (in liquidation) for the period from 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, be taken on file. The Court also ordered that the application be disposed of accordingly, implying approval for the payment of audit fees and meeting application costs from the company's funds as sought by the Official Liquidator. The reasoning is based on the procedural requirements for the Official Liquidator to present accounts and seek necessary approvals during the liquidation process.
Key Issues
1. Whether the half-yearly accounts of M/s. Ontime Pharma Limited (in liquidation) for the period 01.10.2022 to 31.03.2023, along with the Auditors' Report dated 01.11.2024, should be taken on record by the Court. 2. Whether permission should be granted to make the payment of audit fee of Rs. 500/- plus GST to the auditors. 3. Whether the costs of the application can be permitted to be met from the available funds of the company (in liquidation) or the Estate and Establishment Fund. Contentions of the Petitioner (Official Liquidator): The Official Liquidator, through his counsel Sri J. Srinadh Reddy, presented the application seeking judicial approval for the aforementioned actions, which are procedural steps in the liquidation process. No specific arguments were recorded against the application.
Sections Cited
Section 462, Companies Act, 1956, Rule 298, Companies (Court) Rules, 1959, Rule 306, Companies (Court) Rules, 1959
AI-generated summary — verify with the full judgment below
[ 3166 J 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. 19 of 2025 IN COMPANY PETITION No: 167 OF 200 1 ln the matter of the Companies Act 1956 And ln the matter of M/s. Ontime pharma Limited (ln Liqn.), Between: The Official Liquidator, attached to the Hon'ble High Court of Telangana, and Andhra Pradesh, 1"' floor, Corporate Bhawan, Bandi-aguda, Nagole, HliOera'baO - 500068 ...Applicant Application Under Section 462 of the Companies Act, .1956 read with Rule 298 and Rule 306 of the Companies (Court) Rules, 1959) praying that this Hon'ble Court may be pleased to. i) take the half-yearly accounts of the subject company (in liquidation) for the period from 01.10.2022 Io 31 .O3.2O23, along with Auditors' Report dated 01 .11.2024 submitted on 05.11.2024 by [r//s. KBS and Associates., 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 Offici
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