M/S.Pch Retail 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. PCH Retail Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022. The application also sought permission to pay an audit fee of Rs. 5000/- plus GST to the auditors, M/s. KBS Associates, and to meet notary charges from the company's funds or the Estate and Establishment Fund. The application was supported by an affidavit and heard by the High Court. The auditor's report was dated 17.06.2024 and submitted on 06.07.2024.
Held
The Court accepted the prayer of the Official Liquidator. It held that the half-yearly accounts of M/s. PCH Retail Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022, along with the auditor's reports submitted by M/s. KBS and Associates, Chartered Accountants, should be taken on record. The Court perused the auditor's reports with the assistance of the learned counsel for the Official Liquidator and found the prayer to be acceptable. The Court ordered accordingly, thereby permitting the Official Liquidator to proceed with the necessary actions related to these accounts and the audit fee payment. The specific issue regarding the GST component of the audit fee was implicitly accepted as part of the overall audit fee payment.
Key Issues
1. Whether the half-yearly accounts of M/s. PCH Retail Limited (in liquidation) for the period 01.04.2022 to 30.09.2022, along with the auditor's report, should be taken on record by the Court, as prayed by the Official Liquidator under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959? Petitioner's Argument: The Official Liquidator, as the applicant, contended that the half-yearly accounts and auditor's report were duly submitted and sought the Court's permission to take them on record and approve the payment of audit fees and other incidental charges. The Official Liquidator argued that this is a procedural step necessary for the proper winding up of the company. Revenue/State's Argument: The judgment does not record any specific arguments from the revenue or state authorities in this matter.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
[ 3,105 ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT I{YDERABAD TUE AY, THE TWELFTH DAY OF NOV-EIIBER --rwo tuousnxo AND TWENw FouR PRESENT THE HONOURABLE JUSTICE MOUSHUMI BHATTACHARYA COMPANY APPLICATIO NNo.95 oI 2O24 IN COMPANY PETITION NO: 80 OF 2014 ln the matter of the Companies Act, 1956 And ln the mafter of M/s. PCH Retail Limited (in liqn)
Between: The Official Liquidator, attached to the Hon'bl-e Hioh Court of Telangana' and n'iahii i;iii".i,, r"' noo?,'b"oii6'ii"'eh"*in, Bandiasuda, *'Y:iilFlfSltfo 500068 Application Under Section 462 of the Companies Act' 1956 read with Rule 298 and Rule 306 ot tne- companies (court) Rules, 1959) Praying that this Hon'ble Court may be Pleased to' i) take the half-yearly accounts of the subiect company (in liquid-ation). fo.r the period from o1.o4.roii tto 30'092022' along with Auditor R"p^"d 9i1:d 17.06.2024.ro.itt"O * i o 06 2024 by M/s -KBS Associates'' Chartered Accountants on ,""o,0 and permission may be accorded to make the prytn.ni of audit fee of Rs 500l plus GST to said auditor' ii) ioit "t tlris applicalion (Court f-"t |t31pt. Notary Charges etc may be permitted to oe met'oui ly tn" otti"i"t Liquidator from the available
The judgment continues below.
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