M/S. Premier Aqua Farms Limited.(In Liqn.) vs. No Respondent

Facts

The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed Company Application No. 36 of 2025. This application was made under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The purpose was to take on record the half-yearly accounts of M/s. Premier Aqua Farms Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023. The application also sought permission to make payment of an audit fee of Rs. 500/- plus GST to the auditors, M/s. KBS and Associates, Chartered Accountants, whose report was submitted on 05.11.2024. The applicant further prayed that the costs of the application be met from the company's funds or the Estate and Establishment Fund.

Held

The Court accepted the prayer made by the Official Liquidator. It ordered that the half-yearly accounts of M/s. Premier Aqua Farms 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, be taken on record. The Court also implicitly granted permission for the payment of the audit fee and costs as prayed, by ordering the application accordingly. The reasoning was based on the perusal of the auditor's reports with the assistance of the counsel for the Official Liquidator, indicating satisfaction with the submitted documents and the request. The operative direction was to take the accounts and reports on file and dispose of the application accordingly.

Key Issues

1. Whether the Court should take on record the half-yearly accounts of the company in liquidation for the period 01.10.2022 to 31.03.2023, along with the auditor's report dated 01.11.2024, as submitted by M/s. KBS and Associates, Chartered Accountants. 2. Whether permission should be granted to make payment of the audit fee of Rs. 500/- plus GST to the said auditors. 3. Whether the costs of the application can be met from the available funds of the company in liquidation or the Estate and Establishment Fund. Contentions: Petitioner (Official Liquidator): Argued that the application was filed to comply with procedural requirements for companies in liquidation, seeking judicial approval for the accounts and auditor's report, and for the payment of legitimate expenses like audit fees. Relied on Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959. Revenue/State: No arguments were recorded for the Revenue or State in the judgment.