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TMI Blog2020 (12) TMI 1022X X X X Extracts X X X X X X X X Extracts X X X X ..... ng on any business or operation for a period of two immediately preceding financial years and has not made any Application within such period for obtaining the status of a dormant Company U/s. 455. However, Section 248(6) states that the Registrar of Companies, before finally striking off Company, has to satisfy himself that sufficient provision has been made for the realization of all amounts due to the Company and for the payment or discharge of its liabilities and obligations by the Company within a reasonable time, and, if necessary, obtain necessary undertakings from the Managing Director, Director or other persons in charge of the management of the Company. The impugned order striking off the Company was in accordance with law, the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #39;) was incorporated under the Companies Act, 1956, on 24.09.2008, vide CIN: U72200KA2008PTC047839, as a Private Company limited by its shares with the Registrar of Companies, Bengaluru, Karnataka. Its registered office is situated at Flat 4b, HVS Apartments, No. 1, Edward Road Bangalore -560052. The Authorised Share Capital of the Company is ₹ 2,00,000/- divided into 20,000 equity shares of ₹ 10/- each and the Issued Subscribed and Paid-up Capital is ₹ 1,00,000/- divided into 10,000 equity shares of ₹ 10/- each. The main objects of the Company are to carry on the business of dealing/handling all types of telecom products, computers, and computer related systems, software systems, hardware systems, communication sy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... name of the Company is restored, the business operations of the Company could be carried out, and the Company would generate revenue which in turn results in generation of employment opportunities and revenue to the Government by way of taxes. The Government of India, MCA, has come forward to facilitate Companies to set right certain filing related defaults, irrespective to duration of default and make a fresh start as a fully complaint entity by introducing Companies Fresh Start Scheme, 2020 (CFSS-2020) on 30th March, 2020 vide its General circular No. 12/2020. The Company intends to avail the scheme and make good the default on non-filing by filing all the returns with the MCA-21 registry. The Bank Account of the Company are frozen and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, subject to payment of cost since huge expenditure is incurred in restoring the name of the Company, and complying with pending statutory returns. 4. Mr. Pramod S.M., learned PCS for the Petitioner appeared and was heard through Video Conference. We have carefully perused the pleadings of the Party and extant provisions of the Companies Act, 2013, and the Rules made thereunder. 5. Reiterating the facts as submitted with the Petition, Mr. Pramod S.M., learned PCS for the Petitioner submitted that the Company is active and non-filing of Annual Returns/Financial Statements in question was neither intentional nor deliberate but due to unavailability of proper professional guidance. Therefore, the Tribunal may consider the matter sympatheti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent has not opposed the Petition and has left the issue to the Tribunal to consider the case subject to certain terms and conditions. (1) It has been submitted that the Company is a going concern and the profit before tax is ₹ 4,64,31,339/- for the Year Ended 31st March, 2019. Striking of its name would affect the Petitioner as well as its Directors, Shareholders and employees and also suffer hardship and irreparable loss. No prejudice would be caused to any party if the Company's name is restored, as prayed. The Company also wishes to avail of the scheme launched by the Government of India, the Companies Fresh Start Scheme, 2020 (CFSS-2020) on 30th March, 2020 vide its General circular No. 12/2020 and it would generate em ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s order; d. The restoration of the Company's name is subject to the payment of cost of ₹ 30,000/- (Rupees Thirty Thousand Only) to be paid online to the account of Central Government in favour of the Pay & Accounts Officer, Ministry of Corporate Affairs, Southern Region, Chennai, within three weeks from the date of receipt of this order, failing which the order will lapse; e. The Petitioner is permitted to deliver a certified copy of this order to the Registrar of Companies; f. On such delivery and after duly complying with above directions, the Registrar of Companies, Bengaluru is directed to, on his office name and seal, publish the order in the official Gazette; g. This order is confined to the violations, which ultimately ..... X X X X Extracts X X X X X X X X Extracts X X X X
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