M/S. Ranka Cables Limited.(In Liqn) The Official Liquidator vs. No Respondent

Facts

The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed a Company Application (No. 90 of 2024) in the matter of M/s. Ranka Cables Limited (in liquidation). The application sought to take on record the half-yearly accounts of the company for the period from April 1, 2022, to September 30, 2022, along with the Auditor's Report dated June 17, 2024, submitted by M/s. KBS and Associates. The Official Liquidator also prayed for permission to make the payment of audit fee of Rs. 5000 plus GST to the auditor and for the costs of the application to be met 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 Court accepted the prayer made by the Official Liquidator. The half-yearly accounts of M/s. Ranka Cables Limited (in liquidation) for the period from April 1, 2022, to September 30, 2022, along with the Auditor's Report dated June 17, 2024, submitted by M/s. KBS and Associates, were taken on file. The Company Application was ordered accordingly. The Court did not explicitly address the payment of audit fees or the costs of the application in its final order, but the acceptance of the accounts and report implies a favorable consideration of the related prayers. The reasoning appears to be based on the procedural requirements for companies in liquidation and the Official Liquidator's role in managing and reporting on the company's affairs.

Key Issues

1. Whether the half-yearly accounts of M/s. Ranka Cables Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022, along with the Auditor's Report dated 17.06.2024, 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 Arguments: The Official Liquidator, through their counsel, presented the half-yearly accounts and auditor's report for the specified period and sought the Court's permission to record these documents and to permit the payment of audit fees, including GST. The application was filed in accordance with the relevant provisions of the Companies Act and Rules. Revenue/State's Arguments: The judgment does not record any specific arguments presented by the revenue or state authorities. The proceedings appear to be administrative in nature concerning the liquidation of the company.