In The Matter Of M/S.Merbanc Financial Services Limited.(In Liqn.) vs. No Address

Facts

The Official Liquidator, attached to the High Court for the State of Telangana, filed Company Application No. 10 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. Merbanc Financial Services Limited (in liquidation) for the period from October 1, 2022, to March 31, 2023. The application also sought permission to make a payment of Rs. 500/- plus GST towards the audit fee for M/s. KBS and Associates, Chartered Accountants, who submitted their report on November 1, 2024. The applicant also requested permission to meet the costs of the application from the company's funds or the Estate and Establishment Fund.

Held

The Court accepted the prayer made by the Official Liquidator. The half-yearly accounts of M/s. Merbanc Financial Services Limited (in liquidation) for the period from October 1, 2022, to March 31, 2023, along with the auditors' reports submitted by M/s. KBS & Associates, Chartered Accountants, were taken on record. The Court ordered accordingly, granting the relief sought by the Official Liquidator. The specific issue regarding the payment of audit fee and application costs was implicitly approved by the acceptance of the prayer. No issues were expressly left undecided.

Key Issues

1. Whether the half-yearly accounts and the auditors' report submitted by M/s. KBS & Associates for M/s. Merbanc Financial Services Limited (in liquidation) for the period 01.10.2022 to 31.03.2023 should be taken on record by the Court? The Petitioner (Official Liquidator) argued that the application was filed in accordance with the relevant provisions of the Companies Act, 1956, and the Companies (Court) Rules, 1959, seeking to place the financial statements and audit report before the Court for its perusal and necessary directions. The Petitioner sought permission to pay the audit fee, including GST, and the costs associated with the application. The Revenue or State did not file any counter or appear to contest the application, and no arguments were recorded on their behalf.