RCC/8/1991 of M/S NAGARJUNA COATED TUBES LTD. HYD Vs O.L.AND INDUSTRIAL FINANCE COOP.OF INDIA on 1 December 1997

O R D E R

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 01.10.2009 to 31.03.2010 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 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 in liquidation pertinent to this application were audited by one of theaforestated 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.

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 01.10.2009 to 31.03.2010in 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 up to 31.03.2010 as Rs.7,08,96,512/- and the totaldisbursements up to 31.03.2010 at Rs.6,28,18,907.80 ps.

In the light of the aforestated documents, the half-yearly auditedaccounts placed before this Court by the Official liquidator for the period01.10.2009 to 31.03.2010 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.

6[TH] DECEMBER, 2012.

PGS

----------------------------SANJAY KUMAR, J.