Disposed

The Official Liquidator, v. .

Telangana HC5 Dec 2012COMPA/1035/2011

Case brief

AI extract

What is this about?

The court approved and took on record the half-yearly audited accounts and audit report of a company in liquidation for the period October 1, 2009 to March 31, 2010. It directed the Official Liquidator to pay the balance audit fee from the company's funds and to ensure compliance with the relevant section of the Companies Act.

What did the court decide?

Approval and taking on record of the half-yearly audited accounts and audit report; permission to pay the balance audit fee from company funds.

The Official Liquidator, Vs . — Company and Corporate | Telangana HC (2012)

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HON’BLE SRI JUSTICE SANJAY KUMAR

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COMPANY APPLICATION No.1035 of 2011

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in C.A. No.1333 of 2010

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in C.P. No.12 of 2005

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Date: December 05, 2012

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The Official Liquidator, High Court of Andhra Pradesh, Hyderabad. … Applicant

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HON’BLE SRI JUSTICE SANJAY KUMAR

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COMPANY APPLICATION No.1035 of 2011 in C.A. No.1333 of 2010 in C.P. No.12 of 2005

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O R D E R:

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This Company Application is filed by the Official Liquidator attached to this Court under Section 462 of the Companies Act, 1956 read with Rule 306 of the Companies (Court) Rules, 1959, to take the half-yearly accounts of the company in liquidation along with the audit report for the period 01.10.2009 to 31.03.2010 and to consider, approve and take on record the half-yearly accounts along with audit report for the said period. The Official Liquidator also prays for a direction to pay the balance audit fee to the auditor and for costs.

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2. By order dated 30.11.2010 passed in C.A. No.1333 of 2010 in R.C.C. No.2 of 1995, this Court approved the panel of

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M/s.Murthy & Kanth, M/s. Padmanabha Rao & Co., M/s. PSN Ravi Shankar & Associates, M/s. KBS & Associates and M/s. Sarathy & Balu, Chartered Accountants, for auditing the financial statements of the companies in liquidation.

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3. It is stated that the half-yearly accounts of the company in liquidation pertinent to this application were audited by one of the aforestated Chartered Accountants and the audit certificate was received from the said Chartered Accountant certifying that the half-yearly financial accounts of the company in liquidation for the period 01.10.2009 to 31.03.2010 were in order.

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4. This Court, by order dated 14.06.2012, directed Sri M. Anil Kumar, learned counsel for the Official Liquidator, to submit a statement giving particulars of the delay in filing the half-yearly accounts. The learned counsel accordingly filed report dated 21.06.2012 along with a tabular statement indicating that there is no delay in filing of applications for approval of half-yearly accounts for the period 01.10.2009 to 31.03.2010 in respect of the companies in various stages of liquidation. The said report is accordingly taken on record.

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5. The Official Liquidator has placed on record the auditor’s report certifying that proper books of accounts as required by law had been maintained and the receipts and payments accounts maintained by the Official Liquidator gives a true and fair view as to the realization and disbursements of the company in liquidation during the period. The affidavit verifying the account is also filed by the Official Liquidator along with a statement of account in Form No.144, detailing

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the total realizations up to 31.03.2010 as Rs.30,01,868.45 ps. and the total disbursements up to 31.03.2010 at Rs.26,07,329.00 ps.

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6. In the light of the aforestated documents, the half-yearly audited accounts placed before this Court by the Official liquidator for the period 01.10.2009 to 31.03.2010 in respect of the company in liquidation is approved and taken on record. The Official Liquidator is permitted to pay the balance fee to the auditor in accordance with Rule 304 of the Companies (Court) Rules, 1959. The costs of this application shall be met from the funds of the company in liquidation. The Official Liquidator shall ensure compliance with Section 462 (4) of the Companies Act, 1956.

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7. The Company Application is ordered accordingly.

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___________________ SANJAY KUMAR, J.

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Date: December 05, 2012. BSB

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HON’BLE SRI JUSTICE SANJAY KUMAR

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COMPANY APPLICATION No.1035 of 2011 in C.A. No.1333 of 2010 in C.P. No.12 of 2005

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Date: December 05, 2012

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BSB

The Official Liquidator, v. .

Case brief

What is this about?

What did the court decide?

The Official Liquidator, v. .

Case brief

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