M/S. Exxova Solutions (INDIA) PVT. Limited (In Liqn.) vs. No Respondent
Facts
The Official Liquidator (OL) filed a Company Application seeking to take on record the half-yearly accounts of a company in liquidation for the period 01.04.2022 to 30.09.2022, along with the Auditor's Report. The OL also sought permission to pay an audit fee of Rs. 500/- plus GST and any miscellaneous expenses from the company's available funds or the Estate and Establishment Fund Account. The application was supported by an affidavit from the OL and argued by their counsel. The company in question is M/s Exxova Solutions (India) Pvt. Limited.
Held
The Court accepted the prayer of the Official Liquidator. The half-yearly accounts and the Auditor's Reports for the period 01.04.2022 to 30.09.2022 were taken on file. The Court's decision was based on the perusal of the Auditor's Reports with the assistance of the learned counsel for the Official Liquidator, and the application was ordered accordingly. The issue of permission to pay audit fees and miscellaneous expenses was implicitly granted by taking the accounts and reports on record, which are prerequisites for such payments. No specific GST provisions were discussed or decided upon, as the core of the application was procedural regarding company liquidation accounts.
Key Issues
1. Whether the Court should take on record the half-yearly accounts and the Auditor's Report of the company in liquidation for the period 01.04.2022 to 30.09.2022, as submitted by the Official Liquidator? (Question of procedure under the Companies Act, 1956 and Companies (Court) Rules, 1959). The Official Liquidator argued that the application was filed in accordance with the relevant provisions of the Companies Act and Rules, and that the accounts and report were duly prepared by the chartered accountants. The revenue or State did not appear to have made any submissions as the matter pertains to the winding up of a company and the administrative functions of the Official Liquidator.
Sections Cited
Section 462, Companies Act, 1956, Rule 298, Companies (Court) Rules, 1959, Rule 306, Companies (Court) Rules, 1959
AI-generated summary — verify with the full judgment below
Between: [ 3405 ] 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. 66 of 2024 IN COMPANY PETITION NO: 204 OF 2014 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.500/- plus GST. cost of this application and any miscellaneous expenses may be permitted to be met out by the Official Liquidator from the available funds of the company (in liquidation) or Estate and Establishment Fund Account if no fund is available in the company's account The Official Liquidqtor, attached to the Hon'ble High Court of Telangana, and Andhra Pradesh, 1'' floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 500068 ...APPLICANT Under Section 462 of the Companies Act, 1656 read with Rule 298 and Rule 306 of the Companies (Court) Rules, 1959) praying that this Hon'ble Court may be pleas
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