Case Note & Summary
The judgment concerned Company Application No. 1037 of 2016 in Company Petition No. 32 of 1991, where the Official Liquidator submitted half yearly accounts for M/s. Sri Kalyana Srinivasa Textiles Limited for the period from October 1, 2014, to March 31, 2015. The accounts were accompanied by an audited report from M/s. Sarathy & Balu, Chartered Accountants, dated February 10, 2016. The court heard the arguments from the counsel for the Official Liquidator and reviewed the audited report. Noting that there were no objections raised against the application, the court decided to accept the accounts and the audited report. The application was ordered in favor of the Official Liquidator, allowing the accounts to be taken on file. The judgment was delivered by Justice Challa Kondanda Ram on September 8, 2016.
Headnote
A) Company Law - Liquidation Proceedings - Acceptance of Accounts - Companies Act, 1956, Section 462 - The Official Liquidator filed half yearly accounts along with an audited report for the company in liquidation. The court found no objections to the application and ordered the acceptance of the accounts and report. Held that the application was to be ordered as per the reasons stated (Paras Not mentioned).
Issue of Consideration
Whether to accept the half yearly accounts and audited report of the company in liquidation.
Final Decision
The court ordered the acceptance of the half yearly accounts and the audited report submitted by the Official Liquidator, taking them on file.
Law Points
- Companies Act
- 1956
- Company (Court) Rules
- 1959
- Section 462
- Rules 306
- 298
