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TMI Blog2019 (5) TMI 1723X X X X Extracts X X X X X X X X Extracts X X X X ..... ing on any business or operation which substantiates the criteria as laid down in section 248 of the Companies Act 2013, therefore, the action taken by ROC is justified and the Bench did not feel any ground to interfere with action of striking off by ROC. The Bench is also of the considered view that these type of companies only put burden on the system, Government/ROC, by way of record keeping, ensuring compliance by these companies and at times these companies may be used for various purposes other than the purpose/object for which the company was originally incorporated. It also puts burden on the company to comply with various regulatory/statuary compliances. The Bench has not found any justifiable/ reasonable grounds to interfere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appellant no 2 company required to give performance guarantee for sum of ₹ 1,50,00,000/- to Atal Indore City Transport Services Ltd. The appellants state that, the appellant no 2 has kept fixed deposit with Bank of Maharashtra on 06.05.2015 for the lien of Bank Guarantee issued by the said Bank and the copy of the fixed deposit receipt has been annexed in this matter. 5. The appellants submit that, after the year 2014-15, the appellant no 2 company has been receiving the interest income from the said fixed deposit. The appellants state that, due to the lien marked on the said fixed deposit for the purposes of Bank Guarantee, the appellant no 2 company is not in a position to withdraw the fixed deposit amount. The appellants subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ants got from the MCA portal the copies of Forms STK-5, STK 5A and STK7. 9. The appellants submit that in spite of sending the reply and requesting the respondent for not initiating any action, the respondent initiated the proceedings for the striking off the name of the company from the Register of companies and the company is dissolved. 10. The appellants submit that the respondent had not followed due process of law before striking off the name of the company from the register of companies and dissolution of the company. It is submitted that the principles of natural justice had not been followed. 11. It is submitted that if the name of the company is not restored, the appellants will suffer irreparable losses. It is further sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assets of M/s Bulakidas Mohta and Co., which were under equitable mortgage with the Laxmi Bank, were taken over under the custody of the official receiver appointed in the liquidation proceedings of the Laxmi Bank. The Judgment stated that the company, on restoration would also be entitled to contest the case for release of the property from the custody of the official receiver. 13. The Respondent side filed a detailed report dated 30.10.2018, explaining the sequence leading to the striking off of the name of the company. The Respondent side issued STK-1 notice dated 11.03.2017 and the dissolution order was published on the website of the Ministry vide STK 7 on 11.07.2018. 14. Upon perusal of the Judgment cited by the Advocate for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Years and Fixed Assets of the company is Nil, Tangible Assets Nil as per the documents submitted by the petitioner company. All these Nil figures indicates that the company exists only on paper, not carrying on any business or operation which substantiates the criteria as laid down in section 248 of the Companies Act 2013, therefore, the action taken by ROC is justified and the Bench did not feel any ground to interfere with action of striking off by ROC. The Bench is also of the considered view that these type of companies only put burden on the system, Government/ROC, by way of record keeping, ensuring compliance by these companies and at times these companies may be used for various purposes other than the purpose/object for which the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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