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TMI Blog2018 (4) TMI 1692X X X X Extracts X X X X X X X X Extracts X X X X ..... statutory returns which they are duty bound to submit with the office of the ROC under the companies Act.2013 - it can be concluded that the appellant company is a sham company ever engaged in any business from the time of inception or it was in operation as alleged. There is no valid reason for restoring a company of this nature - appeal dismissed. - Appeal No. 525/KB/2017 - - - Dated:- 6-4-2018 - M.B. Gosavi And Jinan K. R., JJ. Miss Kiran Sharma And Mr. Sumit Binani For the Petitioners ORDER Mr. Jinan. K.R., This appeal has been filed by the Horizon Ispat Company Private Limited, a Private Non-Government company limited by shares, for restoring the name of the company in the registe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Companies Act, 2013. 5 The appellant company further contends that the company is still carrying on its business and produced the Balance Sheets/ Financial statements and the Annual Returns of the Company for the financial year 2013-14,2 014-15 2015-2016 annexed and marked as Annexure-F with the petition to prove that it is a going concern. 6. The copy of the Notification, obtained from the MCA Portal has also been produced with the petition as Annexure-C . Copy of the Public notice under Form STK-5 dated 07/04/2017 is enclosed with the application as Annexure- B . 7. The appellants have submitted the certified copies of Income Tax Return of the company for the assessment years 2014-15 to 2016-17 and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... when failed to file its Annual Return along with Balance Sheets and profit and loss accounts before the respondent, notice dated 07 04 2017 issued in compliance to section 248 of the Companies Act, 2013 showing their reasonable belief to remove the name of the company. Hence, a notice dated 07.04 2017 (e-form STK-5) was issued. (iii) The Appellant Company when failed to make any responses to the notices issued on 07.04.2017 and 09.06.2017, as mentioned herein, the respondent had no option other than to issue notification bearing reference No. ROC/WB/STK/2017/2 dated 30.06.2017 by which, name of the Appellant Company has been struck off from the register of Companies and the Company has been dissolved as on effect from 09.06.2017. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13. To prove that the company is in operation the appellants also produced copies of Income Tax Returns and statement of bank account. In addition to the above said documents the petitioners also produced a copy of letter of Allotment dated 12th March, 2012 for proving provisional allotment of land measuring 22.457 acres for Residential-cum-Commercial purpose on the Southern side of NH-31 at 'Uttorayon' Satellite Township, at Siliguri. The provisional allotment is based on a grant of lease for 99 years upon fulfilling certain clauses contained in the lease deed. No such lease deed produced for the perusal of this Tribunal. 14. According to the Ld. Pr. CS the appellants are doing real estate business and decided t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch plea also seen raised in the appeal memorandum. Therefore, production of letter of allotment can only be inferred as an attempt to show that the company has got a future plan to do business. But that attempt seems to have failed for want of production of supporting documents. 16. The Ld. Pr.C.S. on the strength of directors reports and balance-sheets for the missing years 2014 to 2016 also stressed an argument that the appellant company is a going concern. According to her, the above-said documents are sufficient enough to satisfy this Tribunal that the company is carrying on business and in operation. So, we have also screened the directors reports. The directors' report for the year ended 31.03.2014 shows that no busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - - - Profit (Loss) 16,973.00 4,879.00 4,630.00 The above-said table demonstrates that none of the years no income was generated for the years 2014 to 2016. It is only an indication that the company ever conducted any business as alleged 18. The appellants company also produced copies of income tax return for the defaulted years to prove that the company is in operation as alleged. The gross income for all the three years up to the financial year ending on 31.3.2107 is shown as zero. Thus, none of the documents enable us to come to a conclusion that the appellant comp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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