M/S.Chatura Chit Fund And Finance (P) Limited (In Liqn.) vs. No Respondent
Facts
The Official Liquidator, attached to the High Court of Telangana, filed a Company Application seeking to take on record the half-yearly accounts of M/s. Chatura Chit Fund and Finance (P) 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 other miscellaneous expenses from the company's funds or the Estate and Establishment Fund Account. The application was filed under Section 462 of the Companies Act, 1956, read with Rules 298 and 306 of the Companies (Court) Rules, 1959. The Official Liquidator presented the application and arguments were heard.
Held
The Court accepted the prayer made by the Official Liquidator. The half-yearly accounts of M/s. Chatura Chit Fund and Finance (P) 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, 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 is based on the perusal of the auditor's reports with the assistance of the counsel for the Official Liquidator, and the Court found no impediment to accepting the accounts and reports.
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, pursuant to Section 462 of the Companies Act, 1956 and Rules 298 and 306 of the Companies (Court) Rules, 1959? Petitioner's Argument: The Official Liquidator, representing the company in liquidation, argued for the acceptance of the half-yearly accounts and the auditor's report, seeking the Court's permission to record them and to permit the payment of audit fees and miscellaneous expenses. The application was filed in accordance with the relevant provisions of the Companies Act and Rules. Revenue/State's Argument: The judgment does not record any specific arguments from the revenue or state authorities. The matter proceeded based on the application filed by the Official Liquidator.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
4 [ 34051 IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD WEDNE AY, THE SIXTEENTH DAY OF OCTOBER ' TWO THOUSAND AND TWENTY FOUR PRESENT THE HONOURABLE JUSTICE MOUSHUMI BHATTACHARYA COMPANY APPLI CATION No. 30 of 2024 IN COMPANY PETITION NO: 160 of 1997 ln the Matter of the Companies Act, 1956 AND ln the Matter of M/s. Chatura Chit Fund and Finance (P) Limited (ln liqn.),'
Between: The Official Liquidator, attached to the Honble High Court of Telangana, and Andhra Pradesh, l st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad - 500068 ...APPLICANT Company 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 0110412022 to 3010912022, along with Auditor Report dated 1210612024 submitted on 1810612024 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. (ii) cost of this application and any miscellaneous expenses may be permitted to be met out by the Offici
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