M/S. Pennar Paterson Limited. (In Prov.Liqn) vs. No Name
Facts
The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed a Company Application seeking to take on record the half-yearly accounts of M/s. Pennar Paterson Limited (in provisional liquidation) for the period from April 1, 2022, to September 30, 2022. The application also sought permission to pay the audit fee of Rs. 500 plus GST to the auditors, M/s. KBS and Associates, and to meet the costs of the application from the company's funds or the Estate and Establishment Fund. The application was filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The Court perused the auditors' reports with the assistance of the counsel for the Official Liquidator.
Held
The Court held that the half-yearly accounts and the auditors' reports of M/s. Pennar Paterson Limited (in liquidation) for the period April 1, 2022, to September 30, 2022, should be taken on record. The Court accepted the prayer made by the Official Liquidator. The reasoning was based on the perusal of the auditors' reports with the assistance of the learned counsel for the Official Liquidator, indicating satisfaction with the submitted documents. The operative direction was to take the half-yearly accounts and auditors' reports on file. The issue of payment of audit fees and application costs was implicitly approved by the acceptance of the application, though not explicitly detailed in the operative part of the order. No issue was expressly left undecided.
Key Issues
1. Whether the Court should take on record the half-yearly accounts and auditors' reports of M/s. Pennar Paterson Limited (in liquidation) for the period April 1, 2022, to September 30, 2022? (Question of procedure, turning on Section 462 of the Companies Act, 1956 and Rules 298 and 306 of the Companies (Court) Rules, 1959). Contentions: Petitioner (Official Liquidator): Argued that the half-yearly accounts and auditors' reports were duly submitted and sought the Court's permission to take them on record and to approve the payment of audit fees and application costs from the company's funds. Relied on Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959. Revenue/State: No arguments were recorded for the Revenue or State in the judgment.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
t rN rHE H|GH "or*lffl$JEFot"tsE oF TELANGANA THURSOAY, THE TWENTY FOURTH DAY-OF.O-CTOBER ''"'--rwil rnbusAND AND rwENw FouR I PRESENT THE HONOURABLE JUSTICE MOUSHUMI BHATTACHARYA COMP ANY APPLICATION No.53 oI 2024 COMPANY PETITIO NNO: 't 31 of 1999 ln the matter of the companies Act' 1956 And ln the matter of M/s' Pennar puGt"on Limited' (ln Prov' Liqn)
Between: The official Liquidator, attached to the Honorable High-Court o{ Telangana, and Andhra Pradesh, 1s1 floor, d;p;;'i;Ejhil;n' danaiaguoa' Nasole' Hvderabad -500068 ...APPLICANT Aoolication Under Section 462 of the Comoanies Act' 1956 read with Rule 2eB and Rule 306 "f rh"'"i;;;r;* iclr,il Rules, 1959) praving that this ion'ble court maY be Pleased to: i) takethehalf-yearlyaccountsofthesubjectcompany(inliquidation)forthe period from O1.O4 2022 lo 30 'Og '2022' along with Auditors Report dated 17 .06.2024 submitted on 20 O6 2024 by M/s' KBS and Associates '
CharteredAccountantsonrecordandpermissionmaybeaccordedto make the payment of audit fee of Rs 500/- plus GST to said auditor' cost of this application (Court fee Stamps and Notary Charges etc ') may be permitted to be met out by the Official Liquidator from the available fu
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