M/S. Acme Fluro Polymers 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. AGME Fluro Polymers Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022, along with the Auditor's Report dated 12.06.2024. The application also sought permission to pay the audit fee of Rs. 500/- plus GST, and for miscellaneous expenses to be met from the company's funds or the Estate and Establishment Fund Account. The application was supported by an affidavit and argued by the Official Liquidator's counsel. The Court perused the auditor's reports.
Held
The Court accepted the prayer made by the Official Liquidator. The half-yearly accounts of M/s. AGME Fluro Polymers Limited (in liquidation) for the period 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, were taken on file. The Court ordered the Company Application accordingly. The specific issue of the payment of audit fee of Rs. 500/- plus GST and miscellaneous expenses was implicitly approved by the order taking the application on file, which included these prayers. No specific reasoning beyond perusal of documents and acceptance of the prayer is recorded. No issues were expressly left undecided.
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. Petitioner's Argument (Official Liquidator): The Official Liquidator, acting under Section 462 of the Companies Act, 1956, and Rules 298 and 306 of the Companies (Court) Rules, 1959, sought judicial approval to formally record the financial statements and audit findings for the specified period. The application was presented with the necessary supporting documents, including the auditor's report, and requested permission for associated expenses, including GST on audit fees. Revenue/State's Argument: The judgment does not record any specific arguments or contentions from the revenue or state authorities. The matter proceeded based on the application filed by the Official Liquidator and the perusal of the submitted documents by the Court.
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 FRIDAY, THE EIGHTEENTH DAY OF OCTOBER TWO THOUSAND AND TWENW FOUR PRESENT THE HONOURABLE JUSTICE MOUSHUMI BHATTACHARYA COMPANY APPLICATION No. 39 of 2024 IN COMPANY PETITION No. 34 of '1997 ln the Matter of the Companies Act, 1956 And ln the Matter of M/s. AGME Fluro Polymers Limited (ln liqn. ), Between: The Official Liquidator, attached to the Honble High Court of Telangana, and Andhra Pradesh, 1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 500068 ...APPLICANT Application Under Section 462 oi 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: ii) 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 I B. 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 fu
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