2018 (6) TMI 1589 - Tri - Companies Law

Shell company - Strike of name of company by ROC u/s 248(5) - HELD THAT - An amount of one lakh is lying in the accounts of the company. Counsel for the applicant is not in a position to show that the applicant company is carrying on its business as per its object. There is no record placed on file that the company is a going-concern and carrying on commercial activities. The company is a shell company. The application is devoid of merits. Therefore, stands dismissed.

Summary

The National Company Law Tribunal, Chennai dismissed the application of a company formed in 2003 for non-compliance with filing requirements under Companies Act, 2013. The company was struck off by the Registrar of Companies. The company had not availed any loans and had no liabilities, but it was not shown to be carrying on business activities. The tribunal found the company to be a shell company and dismissed the application.