M/S.Lamino Paper Products (P) Limited (In Liqn.) vs. No Respondent

Facts

The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed a Company Application (CA No. 71 of 2024) in the High Court for the State of Telangana. The application, filed under Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959, sought to take on record the half-yearly accounts of M/s. Lamino Paper Products (P) Limited (in liquidation) for the period from April 1, 2022, to September 30, 2022. It also requested permission to pay an audit fee of Rs. 500 plus GST and to meet the costs of the application from the company's funds or the Estate and Establishment Fund. The application was supported by an affidavit from the Official Liquidator and argued by his counsel.

Held

The Court considered the Company Application filed by the Official Liquidator. The application sought to take on record the half-yearly accounts of the company in liquidation for the period from April 1, 2022, to September 30, 2022, along with the auditor's report. The Court perused the auditor's reports with the assistance of the learned counsel for the Official Liquidator. The Court found the prayer to be acceptable and ordered that the half-yearly accounts and the auditor's reports be taken on file. Consequently, the Company Application was ordered accordingly. The specific issues regarding the payment of audit fees and costs were implicitly granted as part of the overall acceptance of the application.

Key Issues

1. Whether the Court should take on record the half-yearly accounts of M/s. Lamino Paper Products (P) Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022, along with the Auditor's Report dated 12.06.2024. 2. Whether permission should be granted to make the payment of audit fee of Rs. 500 plus GST. 3. Whether the costs of the application and miscellaneous expenses can be met from the available funds of the company in liquidation or the Estate and Establishment Fund Account. Arguments for the Applicant (Official Liquidator): The Official Liquidator, through his counsel, presented the half-yearly accounts and the auditor's report for the specified period. He prayed for these documents to be taken on record and for permission to pay the audit fee and associated costs, as outlined in the application. No arguments were recorded for the revenue or State.