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TMI Blog2010 (6) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... red by law and completion of all formalities, including payment of any late fee or any other charges which are leviable by the respondent for the late filing of statutory returns. The name of the company, its directors and members shall then, as a consequence, stand restored to the Register of the Registrar of Companies, as if the name of the company had not been struck off, in accordance with section 560(6) of the Companies Act, 1956. - COMPANY PETITION NO. 14 OF 2010 - - - Dated:- 4-6-2010 - SUDERSHAN KUMAR MISRA, J. Mukesh Sukhija for the Petitioner. V.K. Gupta for the Respondent. JUDGMENT 1. This petition has been filed under section 560(6) of the Companies Act, 1956, seeking restoration of the name of the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any was carrying on operations at the time the notice striking the company s name off the Register was published in the Official Gazette, i.e., 23-6-2007. In support of this statement, copies of the annual accounts for the financial year ending 31-3-1990 to the financial year ending 31-3-2009, have been annexed to this petition. 5. It is also alleged by the counsel for the petitioner that the company did not receive any show-cause notice, nor was it afforded any opportunity of being heard before the aforesaid action was taken by the respondent. On examination, it appears that the address of the registered office of the petitioner company in the records of the respondent is different from the address stated to be the current registered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciates, Company Secretaries, to take care of corporate and secretarial matters for the petitioner company, who subsequently informed the petitioners of fact that the company s name had been struck off the Register maintained by the respondent. 8. It is also stated that certain legal proceedings are stated to be pending before the High Court of Punjab and Haryana, in respect of land belonging to the petitioner company. 9. Counsel for the respondent does not have any objection to the revival of the petitioner company, subject to the petitioner company filing all outstanding statutory documents, i.e., annual returns for the period 30-9-1986 to 30-9-2009 and balance sheets for the period 31-3-1986 to 31-3-2009, along with the filing an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or it is otherwise just that the company s name be restored. In the present case, the petitioner has submitted that the company has not been doing any business for quite some time , but owns substantial properties in different States . The Memorandum of Association of the petitioner company states that one of the objects of the company is to acquire, hold or deal in lands, buildings, houses, flats, bungalows and shops , as also to sell, improve, manage, develop exchange, or lease, mortgage or dispose of, turn to account or otherwise deal with all or any part of the property and rights of the Company . This leads to the conclusion that owning and managing property was within the objects of the petitioner company, even though this line o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagement was so preoccupied with other matters that they were unable to spare time to ensure that the annual returns and other statutory documents were being filed, regardless of who was in charge of the company s day-to-day affairs. The petitioners also neglected to inform the respondent of the change of address of the company s registered office in the proper manner. The whole matter has obviously been handled in a very casual manner and must be deprecated. To my mind, such conduct does not display sound and responsible business functioning expected of companies. The non-filing of returns and balance sheets with the respondent had also made it impossible for any interested party to find out about the financial health of the petitioner co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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