Telangana High Court
CP/18/1990 of M/S MAHAVEER TRADING CO. LTD BOMBAY Vs M/S KRON ORG.CHEM.PVT.LTD. on 1 December 1997
SRI JUSTICE SANJAY KUMAR COMPANY APPLICATION NO.1886 OF 2011 IN COMPANY PETITION NO.18 OF 1990 DATED 19TH DECEMBER, 2012 The Official Liquidator, High Court of Andhra Pradesh, Hyderabad. … Applicant THE HON’BLE SRI JUSTICE SANJAY KUMAR COMPANY APPLICATION NO.1886 OF 2011 IN
THE HON’BLE SRI JUSTICE SANJAY KUMAR
COMPANY APPLICATION NO.1886 OF 2011INCOMPANY PETITION NO.18 OF 1990
DATED 19TH DECEMBER, 2012
The Official Liquidator,High Court of Andhra Pradesh,Hyderabad.
… Applicant
THE HON’BLE SRI JUSTICE SANJAY KUMAR
COMPANY APPLICATION NO.1886 OF 2011INCOMPANY PETITION NO.18 OF 1990
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ORDER:
This Company Application is filed by the Official Liquidatorattached to this Court under Section 462 of the Companies Act, 1956read with Rule 306 of the Companies (Court) Rules, 1959, to consider,approve and take on record the half-yearly accounts of the company inliquidation for the period 01.10.2010 to 31.03.2011 along with the auditreport. The Official Liquidator also prays for a direction to pay thebalance audit fee to the auditor and for costs.
By order dated 07.07.2011 passed in C.A.No.681 of 2011 inR.C.C.No.2 of 1995, this Court approved the panel of M/s.Murthy &Kanth, M/s.Padmanabha Rao & Co., M/s. PSN Ravi Shankar &Associates, M/s.KBS Associates and M/s.Sarathy & Balu, CharteredAccountants, for auditing the financial statements of the companies inliquidation.
It is stated that the half-yearly accounts of the company inliquidation pertinent to this application were audited by one of theaforestated 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 period01.10.2010 to 31.03.2011 were in order.
This Court, by order dated 14.06.2012, directed Sri M. Anil Kumar,learned counsel for the Official Liquidator, to submit a statement givingparticulars of the delay in filing the half-yearly accounts. The learnedcounsel accordingly filed report dated 21.06.2012 along with a tabularstatement indicating that there is no delay in filing of applications forapproval of half-yearly accounts for the period 01.10.2010 to 31.03.2011in respect of the companies in various stages of liquidation. The saidreport is accordingly taken on record.
The Official Liquidator has placed on record the auditor’s reportcertifying that proper books of accounts as required by law had beenmaintained and the receipts and payments accounts maintained by theOfficial Liquidator gives a true and fair view as to the realization anddisbursements of the company in liquidation during the period. Theaffidavit verifying the account is also filed by the Official Liquidator alongwith a statement of account in Form No.144, detailing the totalrealizations upto 31.03.2011 as Rs.2,02,97,511.08 ps. and the totaldisbursements upto 31.03.2011 at Rs.1,54,69,025.48 ps.
In the light of the aforestated documents, the half-yearly auditedaccounts placed before this Court by the Official liquidator for the period01.10.2010 to 31.03.2011 in respect of the company in liquidation isapproved and taken on record. The Official Liquidator is permitted topay the balance fee to the auditor in accordance with Rule 304 of theCompanies (Court) Rules, 1959. The costs of this application shall bemet from the funds of the company in liquidation. The Official Liquidatorshall ensure compliance with Section 462 (4) of the Companies Act,1956.
The Company Application is ordered accordingly.
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SANJAY KUMAR, J.
19[TH] DECEMBER, 2012.
PGS