M/S Omc Computers Limited.(In Liqn) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana, filed a Company Application seeking to take on record the half-yearly accounts of M/s OMC Computers Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022. The application also sought permission to make payment of audit fees of Rs. 500/- plus GST to the auditor, M/s KBS and Associates, Chartered Accountants, and to permit the Official Liquidator 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 heard by the High Court.
Held
The High Court accepted the application. It ordered that the half-yearly accounts of M/s OMC Computers Limited (in liquidation) for the period 01.04.2022 to 30.09.2022, along with the auditor's report submitted by M/s KBS and Associates, Chartered Accountants, be taken on record. The court found no impediment to approving the accounts and the auditor's report, as the application was in line with the procedural requirements for managing a company in liquidation. The reasoning was based on the perusal of the auditor's report with the assistance of the counsel for the Official Liquidator, leading to the conclusion that the prayer was acceptable. The operative direction was to order the Company Application accordingly.
Key Issues
1. Whether the High Court should take on record the half-yearly accounts of the company in liquidation for the period 01.04.2022 to 30.09.2022, along with the auditor's report, as submitted by the Official Liquidator. (Question of procedure/administration) The petitioner, the Official Liquidator, argued for the acceptance of the accounts and the auditor's report to facilitate the ongoing liquidation process. The revenue or State did not file any specific arguments as this was an application by the Official Liquidator for administrative approval of accounts and payment of audit fees, not a dispute involving tax liability or assessment.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
[ 34051 IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD TUE AY, THE TWELFTH DAY OF NOVEMBER TWO THOUSAND AND TWENW FOUR PRESENT THE HONOURABLE JUSTICE MOUSHUMI BHATTACHARYA COMPANY APPLICATION No. 93 of 2024 IN coMPANY PETITION NO: 67 OF 1997 ln the matter of the companies Act, {956 And ln the matter of M/s OMC Computers Limited.(in liqn)
Between: The Official Liquidator, attached to the Hon'ble High Court.of Telangana, and Andhra Pradesh, 1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 500068 ...APPELLANT Application under Section 462 of the Companies Act, 1956 read with Order 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.O4.2O22 lo 30 09.2022, along with Auditor's Report dated 17.06.2024 submitted on 20.06.2024 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 said auditor. ii) cost of this application (Court fee Stamps and Notary Charges etc',) may bepermittedtobemetoutbytheofficialLiquidatorfromthe
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