M/S. Ge Godavari Engineering Industries Limited (In Liqn.) vs. No Respondent
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. GE Godavari Engineering Industries Limited (in liquidation) for the period from April 1, 2022, to September 30, 2022. The application also sought permission to pay an audit fee of Rs. 5000 plus GST and other miscellaneous expenses from the company's funds or the Estate and Establishment Fund. The application was supported by an affidavit from the Official Liquidator and the auditor's report dated June 12, 2024, submitted on June 18, 2024, by M/s. Padmanabha Rao and Co., Chartered Accountants.
Held
The Court accepted the prayer made by the Official Liquidator. It ordered that the half-yearly accounts of M/s. GE Godavari Engineering Industries Limited (in liquidation) for the period from April 1, 2022, to September 30, 2022, along with the auditor's reports submitted by M/s. Padmanabha Rao and Co., Chartered Accountants, be taken on record. The Court found the application to be in order and accordingly disposed of the Company Application. The reasoning was based on the procedural necessity of recording these financial documents within the liquidation proceedings, as presented by the Official Liquidator.
Key Issues
1. Whether the Court should take on record the half-yearly accounts and auditor's report of the company in liquidation for the period 01.04.2022 to 30.09.2022, as submitted 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 (Official Liquidator): The Official Liquidator, acting in the capacity of an officer of the Court, sought judicial sanction to formally record the company's financial statements and the independent auditor's findings for the specified period. The application was procedural, aiming to ensure transparency and compliance in the liquidation process. Revenue/State's Argument: The judgment does not record any specific arguments from the revenue or state. The matter appears to be an internal procedural application within the company liquidation proceedings.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THUR AY,THE TWENry FOURTH DAY OF OCTOBER TWO THOUSAND AND TWENry FOUR PRESENT THE HON'BLE JUSTICE MOUSHUMI BHATTACHARYA COMPANY APPLICATION NO:63 OF 2024 IN CP No. 328 ot 2O15 ln the matter of the Companies Act, 1956 And ln the matter of M/s. GE Godavari Engineering lndustries Limited ( ln Liqn.)
Between: The.official,Liquidator, attached to the Hon'ble High court of relangana, and Andhra Pradesh, 'l'' floor, Corporate Bhawan, Bandlaguda, Nagole, Hyder;bad'_50006g ...APPLICANT Company Application Under Section 462 of the Companies Act, 1956 read with Rule 298 and Rule 306 of the Companies ( Court ) Rules, 19S9 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 01.04.2022 to 30.09.2022, along with Auditor Report dated 12.06.2024 submitted on 18.06.2024 by M/s.padmanabha Rao and Co., Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500l plus GST. iD cost of this application and any miscellaneous expenses may be permitted to be met out by the Official Liquidator from the available f
The judgment continues below.
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