M/S.Godavari Plywood Limited (In Liqn.) vs. No Name
Facts
The Official Liquidator, attached to the High Court of Telangana and Andhra Pradesh, filed a Company Application (No. 61 of 2024) under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The application sought to take on record the half-yearly accounts of M/s. Godavari Plywood Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022, along with the Auditor's Report dated 12.06.2024, submitted by M/s. Padmanabha Rao and Co., Chartered Accountants. The Official Liquidator also sought permission to make payment of the audit fee of Rs. 500/- plus GST, and permission to meet the cost of the application and miscellaneous expenses from the company's funds or the Estate and Establishment Fund Account. The application was supported by an affidavit dated 26.07.2024.
Held
The Court accepted the prayer of the Official Liquidator. The half-yearly accounts and the Auditors' Reports of M/s. Padmanabha Rao and Co., Chartered Accountants, pertaining to M/s. Godavari Plywood Limited (in liquidation) for the period 01.04.2022 to 30.09.2022, were taken on file. The Court perused the Auditors' Reports with the assistance of the learned counsel for the Official Liquidator. The ratio decidendi is that the Court will grant necessary approvals for the Official Liquidator to discharge their duties concerning companies in liquidation, provided the applications are in order and comply with the relevant statutory provisions. The operative direction was that the Company Application is ordered accordingly, meaning the accounts and reports were taken on record.
Key Issues
1. Whether the Court should take on record the half-yearly accounts and the Auditor's Report of M/s. Godavari Plywood Limited (in liquidation) for the period 01.04.2022 to 30.09.2022. This issue turns on the procedural requirements for liquidations under the Companies Act, 1956 and the Companies (Court) Rules, 1959. The petitioner, the Official Liquidator, argued that the application was filed in accordance with the relevant provisions of the Companies Act and Rules, seeking the Court's approval to place these documents on record. The revenue or State did not appear to have made any arguments as the matter was an application by the Official Liquidator for administrative and procedural approval.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
[ 340s ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD THUR AY, THE TWENTY FOURTH DAY OF OCTOBER TWO THOUSAND AND TWENTY FOUR PRESENT THE HONOURABLE JUSTICE MOUSHUMI BHATTACHARYA COMPANY APPLICATION No. 61 of 2024 ln the Matter of the Companies Act, 1956 AND In the matter of M/s. Godavari Plywood Limited (ln liqn.) Between: The Official Liquidator, attached to the Honorable High Court of Telangana, and Andhra Pradesh, 1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad -50006 ...APPLICANT Application Under Section 462 of the Companies Act, 1956 read with Rule 298 and Rule 306 of the Companies (Court) Rules, 1959); 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 lo 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.500/- plus GST. I I IN R.C.C. No. 2 of 2013
ii) cost of this application and any miscellaneous expenses may be permitted to be met out by the Official Liquidator from the available fun
The judgment continues below.
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