M/S. Reliance Rubber Works Limited.(In Lign.) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court for the State of Telangana and Andhra Pradesh, filed a Company Application seeking to take on record the half-yearly accounts of M/s Reliance Rubber Works Limited (in liquidation) for the period from 01.10.2022 to 31.03.2023, along with the Auditors' Report dated 01.11.2024. The application also sought permission to pay an audit fee of Rs. 500/- plus GST to the auditors, M/s KBS and Associates, Chartered Accountants. The Official Liquidator further requested permission to meet the costs of the application from the company's available funds or the Estate and Establishment Fund if company funds were insufficient. 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. The half-yearly accounts of M/s Reliance Rubber Works Limited (in liquidation) for the period 01.10.2022 to 31.03.2023, along with the Auditors' Report submitted by M/s KBS and Associates, Chartered Accountants, were taken on record. The Court ordered accordingly, granting permission for the accounts and report to be filed. The issue regarding the payment of audit fees and the costs of the application was implicitly approved by the acceptance of the prayer, which included these requests. The Court's decision was based on the Official Liquidator's compliance with the procedural requirements for presenting such accounts and reports during the liquidation process.
Key Issues
1. Whether the Court should take on record the half-yearly accounts and Auditors' Report of the company in liquidation for the period 01.10.2022 to 31.03.2023, as required under the Companies Act, 1956 and the Companies (Court) Rules, 1959? The petitioner, the Official Liquidator, argued that the application was filed in compliance with the relevant provisions of the Companies Act, 1956, and the Companies (Court) Rules, 1959, to facilitate the proper winding up of the company. The Official Liquidator sought the Court's approval to formally record the submitted accounts and auditor's report and to permit the payment of audit fees. The revenue or State did not appear to have made any arguments as the matter was an application by the Official Liquidator for administrative and procedural approval.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
t 3166 I IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD FRIDAY, THE FOURTEENTH DAY OF FEBRUARY TWO THOUSAND AND TWENW FIVE PRESENT THE HONOURABLE SRl JUSTICE T.VINOD KUMAR COMPANY APPL]CATION NO:21 OF 2025 IN R.C.C. NO:16 OF 1994 ln the mafter of the Gompanies Act, 1956 And ln the matter of M/s Reliance Rubber Works Limited.(ln Liqn.), Between: The Official Liquidator, aftached to the Hon'ble High Court of Telangana, and Andhra Pradesh, '1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hy?erabad - 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 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.500/- plus GST to th.e said auditor. ii) cost of this application (Court fee Stamps and Notary Charges etc.,) may be permitted to be met out by the Official Liquida
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