The court approved and took on record the half-yearly audited accounts of a company in liquidation for the period ending 31.03.2012. It further permitted the Official Liquidator to pay the remaining audit fee to the auditor from company funds.
Approval of half-yearly accounts and permission to pay the balance audit fee to the auditor from company funds.
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HON’BLE SRI JUSTICE SANJAY KUMAR
COMPANY APPLICATION No.104 of 2013 in R.C.C. No.2 of 1994
Date: February 28, 2013
The Official Liquidator, High Court of Andhra Pradesh, Hyderabad. … Applicant
HON’BLE SRI JUSTICE SANJAY KUMAR
COMPANY APPLICATION No.104 of 2013 in R.C.C. No.2 of 1994
O R D E R:
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 consider, approve and take on record the half-yearly accounts of the company in liquidation for the period 01.10.2011 to 31.03.2012 along with the audit report. The Official Liquidator also prays for a direction to pay the balance audit fee to the auditor and for costs.
2. By order dated 02.07.2012 passed in C.A. No.785 of 2012 in R.C.C. No.2 of 1995, this Court permitted the auditing of the half yearly accounts of the companies in liquidation for the period 01.10.2011 to 31.03.2012. Insofar as the present company is concerned, its accounts were audited by M/s. Murthy & Kanth, Chartered Accountants, which was one of the identified firms of Chartered Accountants in the order dated
02.07.2012 passed in C.A. No.785 of 2012 in R.C.C. No.2 of 1995.
3 . An audit certificate was received from the said Chartered Accountants certifying that the half-yearly financial accounts of the company in liquidation for the period 01.10.2011 to 31.03.2012 were in order.
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 the total realizations up to 31.03.2012 as Rs.33,813.46 ps. and the total disbursements up to 31.03.2012 at Rs.20,309.01 ps.
6. In the light of the aforestated documents, the half-yearly audited accounts placed before this Court by the Official liquidator for the period 01.10.2011 to 31.03.2012 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.
7. The Company Application is ordered accordingly.
___________________ SANJAY KUMAR, J.
Date: February 28, 2013. BSB
3 issues framed by the court
Whether to approve and take on record the half-yearly audited accounts of the company in liquidation.
Whether the Official Liquidator is permitted to pay the balance audit fee to the auditor.
Whether to grant costs for this application.
3 provisions across 2 enactments
The Official Liquidator, High Court of Andhra Pradesh, Hyderabad
Sanjay Kumar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
