M/S. Preyanshu Exports Limited vs. No Respondent
Facts
The Official Liquidator, attached to the Telangana High Court, filed a Company Application seeking to take on record the half-yearly accounts of M/s. Preyanshu Exports Limited (in liquidation) for the period from 01.04.2022 to 30.09.2022, along with the Auditor's Report dated 17.06.2024 submitted by M/s. KBS and Associates. The application also sought permission to pay the audit fee of Rs. 500/- plus GST to the auditor and to meet the costs of the application 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. It ordered that the half-yearly accounts and the Auditor's Reports of M/s. KBS & Associates, Chartered Accountants, for the company in liquidation, for the period 01.04.2022 to 30.09.2022, be taken on record. The Court also implicitly granted permission for the payment of the audit fee and the costs of the application, as the application was ordered accordingly. The reasoning was based on the perusal of the Auditor's Reports with the assistance of the Official Liquidator's counsel. The ratio decidendi is that the High Court, in its company jurisdiction, will facilitate the proper winding up and accounting of a company in liquidation by taking on record the necessary financial documents and reports submitted by the Official Liquidator.
Key Issues
1. Whether the Court should take on record the half-yearly accounts and the Auditor's Report of M/s. Preyanshu Exports Limited (in liquidation) for the period 01.04.2022 to 30.09.2022, as submitted by the Official Liquidator. 2. Whether permission should be granted to pay the audit fee of Rs. 500/- plus GST to the auditor. 3. Whether the costs of the application can be met from the company's funds or the Estate and Establishment Fund. The petitioner, the Official Liquidator, argued that the application was filed in accordance with the Companies Act, 1956, and the Companies (Court) Rules, 1959, to ensure proper accounting and management of the company in liquidation. The revenue or State did not appear to have filed any specific arguments or objections as recorded in the judgment.
Sections Cited
Section 462, Rule 298, Rule 306
AI-generated summary — verify with the full judgment below
[ 3405 ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD TUE AY, THE FIFTEENTH DAY OF OCTOBER TWO THOUSAND AND TWENW FOUR PRESENT THE HONOURABLE JUSTICE MOUSHUMI BHATTACHARYA COMPANY APPLIC ATION No.20 ot2o24 IN COMPANY PETITION NO: 83 of 2000 ln the Mafter of the Companies Act, 1956 AND ln the Matter of M/s. preyanshu Exports Limited, (in liqn)
Between: The.offrcial Liquidator, attached to the Honorable High court of relangana, and 4t9l,te Pradesh, '1st floor, Corporate Bhawan, Bandliguda, Nagote, Hy"d;iibiO _ 500068 ..Ieppl[rcarur Company Application Under Section 462 of the Companies Act, .1956 read with Rule 298 and Rule 306 of the Companies (Court) Ruies, 1959) praying that this Hon'ble Court may be pleased to: i) take the half-yearry accounts of the subject company (in riquidation) for the period from 01 .04.2022 to 30.09.2022, atong witn Auditor,s Report dated 17.06.2024 submitted on 20.06.2024 by M/s. KBS and Associates., Chartered Accountants on record and permission may be accorded to make the payment of audit fee of Rs.500/_ plus GST to said auditor. ii) cost of this application (Court fee Stamps and Notary Charges etc.,) may be permitted to be met out by t
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