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TMI Blog2020 (2) TMI 381X X X X Extracts X X X X X X X X Extracts X X X X ..... 06.05.2019 passed by the National Company Law Tribunal, Mumbai Bench, Mumbai whereby dismissing the appeal and affirmed the order of striking of the name of the appellant company from Register of Companies, Pune. 2. Appellant No.2, Traveltime Cars India Private Ltd, is a company incorporated under the Companies Act, 1956 and having it registered office at B-101/103, Astral Court, above Axis Bank, Sanewadi, Aundh, Pune. Appellant No.1 is shareholder of the Appellant No.2. Appellants were served STK 1 notice under Section 248(1)(c) of the Companies Act, 2013 on 11.3.2017. Appellant No.2 company vide its reply dated 29th March, 2017 intimated the ROC that inadvertently regulatory filings for the year ending 31st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest and the same is deposited with Income Tax Authorities. Appellant stated that the company is regularly filing the income tax returns. Appellants submits that after the expiry of term of Bank Guarantee, the funds of the company would be released and the directors of the company would be in a position to take necessary decision about working of the company. 5. Learned counsel for the Respondent stated that due to failure in filing of its statutory returns for a continuous period of more than two years, the name of the appellant company was considered for striking off by the ROC, Pune in a suo moto action under the provisions of Section 248 of the Companies Act, 2013. Learned counsel for the Respondent submitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d are ready to file it immediately. We also note that the appellant has a FD with the Bank to the tune of Rs. 1,50,00,000/- and the interest is being received by the appellant and they are duly making provision of income tax in their Balance Sheet. We also note that the appellant has given a performance guarantee. This is an attempt to obtain business and making requisite arrangements including deposit of money as performance guarantee and company not have started its operation but making its efforts/attempt to start a business by exploring the possibility including deposit of guarantee money to the third party. We further note that when the company has responded to the notice issued by ROC, then ROC has also to see that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Without complying this provision the ROC vide FORM No.STK5 dated 7.4.2017 has struck off the names of the various companies including the appellant No.2 company. We note that the company is having FDR with the Bank and Performance guarantee has been given and income tax is being deposited on the interest of income. 7. From the above discussions and observations we have come to the conclusion that it would be just that the name of the company is directed to be restored. The following order/directions are passed:- i) Impugned order is quashed and set aside. The name of the appellant No.1 company shall be restored to the Register of Companies subject to the following compliances: ii) Appellants shall pay c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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