M/S.A.P.Steels 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. 62 of 2024) in the matter of M/s. A.P. Steels Limited (in liquidation). The application sought to take on record the half-yearly accounts of the company for the period 01.04.2022 to 30.09.2022, along with the auditor's report dated 12.06.2024. The Official Liquidator also requested permission to pay an audit fee of Rs. 5000 plus GST and to meet miscellaneous expenses from the company's funds or the Estate and Establishment Fund. The application was supported by an affidavit and argued by the counsel for the Official Liquidator.
Held
The Court accepted the prayer of the Official Liquidator. The half-yearly accounts of M/s. A.P. Steels Limited (in liquidation) for the period 01.04.2022 to 30.09.2022, along with the auditor's report submitted by M/s. Padmanabha Rao and Co., Chartered Accountants, were taken on record. The Court ordered accordingly, implicitly granting permission for the payment of audit fees and miscellaneous expenses as sought in the application. The reasoning was based on the perusal of the auditor's reports with the assistance of the learned counsel for the Official Liquidator, leading to the acceptance of the application.
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. Contentions: Petitioner (Official Liquidator): Submitted the half-yearly accounts and auditor's report for the specified period and sought the Court's permission to take them on record and to make payments for audit fees and miscellaneous expenses. Revenue/State: No arguments were recorded for the Revenue or State in this matter.
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
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. 62 of 2024 IN R.C.C. No. 2 of 1995 ln the Matter of the Companies Act, 1956 AND ln the matter of M/s. A.P. Steels 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 - 500068 ...APPL|CANT Under Section 462 of the Companies Act, 1956 read with Rule 298 and Rule 306 of the Companies (Court) Rules, 1959), praying that this Court may be pleased to; i) take the half-yearly accounts of the subject company (in liquidation) for the period frcm 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. ii) 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
The judgment continues below.
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