Telangana High Court
COMPA/1573/2010 of THE OFFICIAL LIQUIDATOR Vs - on 31 December 2010
Ms. JUSTICE G. ROHINI COMPANY APPLICATION No.1573 OF 2010 IN R.C.C.No.2 of 1995 Dated: 31.12.2010 In the matter of the Companies Act, 1956 And In the matter of M/s. A.P. Steels Limited (in liqn.) The Official Liquidator, High Court of Andhra Pradesh, Hyderabad. … Applicant THE
THE HON’BLE Ms. JUSTICE G. ROHINI
COMPANY APPLICATION No.1573 OF 2010IN
R.C.C.No.2 of 1995
Dated: 31.12.2010
In the matter of the Companies Act, 1956AndIn the matter of M/s. A.P. Steels Limited (in liqn.)The Official Liquidator,High Court of Andhra Pradesh, Hyderabad. … Applicant THE HON’BLE Ms. JUSTICE G. ROHINI
COMPANY APPLICATION No.1573 OF 2010
INR.C.C.No.2 of 1995
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ORDER :
The present application has been filed by the Official Liquidatorattached to this Court under Sections 457 & 462 of the Companies Act,1956 read with Rules 302, 304, 306 and 309 of the Companies (Court)Rules, 1959 seeking approval of his action in appointing the CharteredAccountants for auditing the half-yearly accounts of the companies-in-liquidation for the period from 1.4.2010 to 30.9.2010 and forconsequential directions.
I have heard Sri M. Anil Kumar, the learned counselrepresenting the Official Liquidator. The material available on recordshows that this Court by order dated 18.11.2008 in C.A.No.646 of 2008in RCC.No.2 of 1995 directed distribution of the work of auditing inequal measures to a panel of auditors comprising of 5 CharteredAccountants namely M/s. Murthy & Kanth, M/s. Padmanabha Rao &Co., M/s. PSN Ravi Shankar & Associates, M/s. K.B.S. Associates andM/s. Sarathy & Balu. There was also a direction to continue the feefixed by this Court in the earlier order dated 18.1.2008 in C.A.No.2262
of 2007. The panel of the 5 Chartered Accountants was againconfirmed by this Court vide order dated 22.6.2010 made inC.A.No.469 of 2010.
In the affidavit filed in support of the present application, it isstated by the Official Liquidator that in terms of the earlier orderpassed by this Court he had allocated 224 companies-in-liquidationwherever half-yearly accounts were due for the period from 1.4.2010 to30.09.2010. While furnishing a statement of the number of casesallotted to each Chartered Accountant, the present application hasbeen filed with a prayer to approve the said allocation of work. TheOfficial Liquidator also seeks permission to file the audit report of thehalf-yearly accounts for the above said period within a month and topay the fees to the Chartered Accountants out of the funds of therespective companies-in-liquidation in accordance with the orderdated 18.11.2008 made in C.A.No.646 of 2008.
Since it is clear from the material placed before this Court thatthe procedure adopted by the Official Liquidator for allocation of workof auditing to the Chartered Accountants is in accordance with theearlier orders passed by this Court, I deem it appropriate to grant theapproval as prayed for.
Accordingly, the Application is allowed as prayed for approvingthe allocation of work of auditing of half-yearly accounts among the 5 Chartered Accountants namely M/s. Murthy & Kanth, M/s.Padmanabha Rao & Co., M/s. PSN Ravi Shankar & Associates, M/s.K.B.S. Associates and M/s. Sarathy & Balu. The reliefs (ii) to (vi) in thisApplication are also hereby granted.
Dt. 31.12.2010 gbs
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G. ROHINI, J.