Half-Yearly Accounts Duly Audited and Certified by CA: Andhra Pradesh HC allows Application  under Companies Act [Read Order]

In a recent judgement, the Andhra Pradesh High Court allowed the application made under the Companies Act, 1956 as the half-yearly accounts were duly audited and certified by Chartered Accountant ( CA ).

M/$.PoIytech Organics Ltd., the applicant filed the Company Application under Section 462 of the Companies Act, 1956 read with. Rules 298 and Rule 306 of the Companies (Court) Rules, 1959. The applicant prayed to take the half-yearly accounts of the subject company (in liquidation) for the period from 01.04.2022 to 30.09.2022, along with the Auditor Report submitted by M/s.Padmanabha Rao and Company. , Chartered Accountants on record and permission may be accorded to pay the audit fee of Rs.500 Plus CST.

The Company Application coming on for orders, upon reading the Company Application and the affidavit filed by Sri Uttam Kumar Sahoo, Official Liquidator in support of the Company Application.  The court heard the arguments of Sri Sk. Rafi and Sri T  V P Sai Vihari

Justice B S Bhanumathi allowed the company application and directed to take the half-yearly accounts of the subject company (in liquidation) for the period from 01-04-2022 to 30-09-2022 along with Auditor Report dated 06-12-2023 submitted on 08-12-2023 by M/S. Padmanabha Rao & Company, Chartered Accountants, on record and permission may be accorded to make the payment of audit fee of Rs.500 plus GST.

Further held that “cost of this application and any miscellaneous expenses may be permitted to be met out by the Official Liquidator from the available funds of the company (in liquidation) or Estate and Establishment Fund Account if no fund is  available in the company’s account.”

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