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TMI Blog2020 (12) TMI 1088X X X X Extracts X X X X X X X X Extracts X X X X ..... y namely M/s. Ladwa Safety Solutions Private Limited, on the Register maintained by the Registrar of Companies, Karnataka etc. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. Ladwa Safety Solutions Private Limited (referred to as the 'Company') is a private limited Company incorporated under the Companies Act, 1956, on 01.04.2008, vide CIN: U74900KA2008PTC045857 with the ROC, Karnataka. Its Authorized share capital is Rs. 65,00,000/- (Rupees Sixty Lakh only) divided into 6,50,000 (Six Lakh Fifty Thousand) equity shares of Rs. 10/- (Rupees Ten only) each and the Paid up Capital is Rs. 61,00,000/- (Rupees Sixty One Lakh only) divided into 6,10,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s is affected by the Company also the Company Bank account is seized same will affect a lot to the said business including its business operation. (4) As one of the Shareholders and Directors, the Petitioners shall ensure that the Company submits the annual forms on MCA in respect of the FY 2016-17 to 2018-19 within 30 days from the date of restoration. No abnormal cash deposits was made into the Bank Account of the Company during the demonetization period and no notice from Income Tax Authorities has been served on the Company in this regard. 3. The Registrar of Companies, Karnataka, has filed a Counter by way of Affidavit dated 01.09.2020, wherein he has not opposed the Company Petition. Apart from stating the facts of the case, as men ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments in question was neither intentional nor deliberate. It is also confirmed that the Company has already prepared the audited financial statements as per the applicable provisions and they could not file them due to striking off of the Company. Therefore, the Tribunal may consider the matter sympathetically to restore the name of the Company as prayed for, in the interest of justice. 6. It is not in dispute that the Registrar of Companies is conferred with power U/s 248(1) to strike off the Company, if the Company has failed to commence its business within one year of its incorporation or a Company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any Application with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y if the Company's name is restored, as prayed. The Shareholders of the Company have undertaken to file all the returns, statements and documents that are required under the Companies Act, 2013 within the prescribed time. Therefore, we are of the considered view that the interest of justice would be met if the name of Company is restored as prayed for, however, subject to conditions mentioned below. 8. Hence, by exercising the powers conferred upon this Tribunal U/s 252 (3) of the Companies Act, 2013, and following the principle of ease of doing business, C.P.No.110/BB/2020 is hereby disposed of with the following directions: (a) The Registrar of Companies, Karnataka, the Respondent herein, is ordered to restore the name of the Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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