CP/11/1999 of . Vs . on 23 March 2003

ORDER:

This Company Application is filed by the Official Liquidatorattached to this Court under Section 462 of the Companies Act, 1956read with Rules 298 and 306 of the Companies (Court) Rules, 1959, tocondone the delay of 220 days in filing the half-yearly accounts of thecompany in liquidation along with the audit report for the period01.10.2009 to 31.03.2010 and to consider, approve and take on recordthe half-yearly accounts along with audit report for the said period. TheOfficial Liquidator also prays for a direction to pay the balance auditfee to the auditor and for costs.

By order dated 30.11.2010 passed in C.A.No.1333 of 2010 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 the aforestated Chartered Accountants and the audit certificate wasreceived from the said Chartered Accountant certifying that the half-yearly financial accounts of the company in liquidation for the period01.10.2009 to 31.03.2010 were in order. However, as the saidcertificate along with various other certificates, filed by the CharteredAccountants in respect of the other companies in liquidation, weremisplaced, there was delay in filing of the application for approving theduly audited half-yearly financial accounts of the company inliquidation.

This Court, by order dated 14.06.2012, directed Sri M. AnilKumar, learned counsel for the Official Liquidator, to submit astatement giving particulars of the delay in filing the half-yearlyaccounts. The learned counsel accordingly filed report dated21.06.2012 along with a tabular statement indicating the delay inindividual cases in filing of applications for approval of half-yearlyaccounts for the period 01.10.2009 to 31.03.2010 in respect of thecompanies in various stages of liquidation. The said report isaccordingly taken on record. As adequate reasons have been given toexplain the delay on the part of the Official Liquidator in filing anapplication for approval of the half-yearly accounts of the company inliquidation, the delay aforementioned is condoned.

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 Liquidatoralong with a statement of account in Form No.144, detailing the totalrealizations upto 31.03.2010 as Rs.16,10,293/- and the totaldisbursements upto 31.03.2010 at Rs.2,50,979/-.

In the light of the aforestated documents, the half-yearly auditedaccounts placed before this Court by the Official liquidator for the period 01.10.2009 to 31.03.2010 in respect of the company inliquidation is approved and taken on record. The Official Liquidator ispermitted to pay the balance fee to the auditor in accordance with Rule304 of the Companies (Court) Rules, 1959. The costs of thisapplication shall be met from the funds of the company in liquidation.The Official Liquidator shall ensure compliance with Section 462(4) ofthe Companies Act, 1956.

The Company Application is ordered accordingly.

6[TH] DECEMBER, 2012.PGS

____________________

SANJAY KUMAR, J.