M/S.Pec Electrical Private Limited. (In Liqn.) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court for the State of Telangana, filed a Company Application (CA No. 35 of 2025) under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The application sought to take on record the half-yearly accounts of M/s. PEC Electrical Private 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. The Official Liquidator also prayed for permission to pay the 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 supported by an affidavit and argued by the counsel for the Official Liquidator.
Held
The Court accepted the prayer made by the Official Liquidator. It ordered that the half-yearly accounts of M/s. PEC Electrical Private Limited (in liquidation) for the period from 01/10/2022 to 31/03/2023, along with the Auditors' Report submitted by M/s. KBS and Associates, Chartered Accountants, be taken on record. The Court perused the auditors' reports with the assistance of the learned counsel for the Official Liquidator. The operative direction was to record the submitted documents. The issue regarding the payment of audit fees and costs was implicitly granted by accepting the application and taking the accounts on record, as these were part of the prayers.
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, as submitted by M/s. KBS and Associates, Chartered Accountants, pursuant to Section 462 of the Companies Act, 1956 and Rules 298 and 306 of the Companies (Court) Rules, 1959? Petitioner's Argument: The Official Liquidator, representing the company in liquidation, presented the half-yearly accounts and the auditors' report for the specified period and sought the Court's permission to record them. The application was filed in accordance with the relevant provisions of the Companies Act and Rules. Revenue/State's Argument: No specific argument was recorded from the revenue or state in this matter, as it pertains to the internal accounts and audit of a company in liquidation, overseen by the Official Liquidator and the Court.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
[ 3166 ] 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: 35 of 2025 IN COMPANY PETITION No. 57 of 2012 ln the Matter of the Companies Act, 1956 And ln the Matter of M/s.PEC Electrical Private Limited. (ln 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 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 0111012022 to 311O312023, along with Auditors Report dated 01/1 112024 submitted on 0511112024 by M/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 Officia
The judgment continues below.
Read the full judgment
A free account opens 10 full GST judgments a month (one account works on both bharattax.net and this site). Re-reading one you have already opened does not count again.
The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.
Reproduced from the public record of the Telangana High Court. Verify against the court's own copy before relying on it. Income tax judgments are on bharattax.net.