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TMI Blog2021 (1) TMI 515X X X X Extracts X X X X X X X X Extracts X X X X ..... CE/DRIVE III/2019 in so far it strikes off the name of the Company from the Register of Companies and also direct the Respondent to restore the name of the Company in the Register of the Companies, 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. Jamakhandi Chits Private Limited ('the Company') was incorporated under the Companies Act, 1956, on 31.03.2011, vide CIN: U65992KA2011PTC057940, as a Private Company limited by Shares with the Registrar of Companies, Bengaluru, Karnataka. Its registered office is situated at CTS No. 1638, Near Hanuman Chowk, K.C. Market, Jamakhandi, Bagalkot, Karnataka - 587301. Its Authorized share capital is Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... strar of Companies, Karnataka till the year ended 31st March 2016 and the Financial statements for the year ended 31st March 2017, 31st March 2018, and 31st March 2019 are pending to be filed with the Registrar of Companies, Karnataka. In view of the same, the Registrar of Companies, Karnataka i.e. the Respondents herein struck off the Company's name from the Register due to defaults in statutory compliances, namely, failure to file Financial Statements & Annual Returns for the Financial Years ended 31st March 2017, and 31st March 2018 respectively. Consequently, the Registrar of Companies, Karnataka initiated proceedings under Section 248 of the Companies Act, 2013, for the purpose of striking off the name of the Company of the Registe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of demonetization. (8) In the event of revival of the Company and restoration of the name of the Company in the Register maintained by the Respondent, the Company shall file all the statutory documents, i.e. Financial Statements & Annual Returns for the Financial Years ended 31st March 2017, 31st March 2018, and 31st March 2019 respectively along with the filing fee and the additional fee, as applicable on the date of actual filing. 3. The Registrar of Companies, Karnataka, has filed a Counter by way of Affidavit dated 31.07.2020. He has not opposed the Petition, Apart from what has already been mentioned in the Company Petition, he has further stated, inter alia, as follows: (1) Due to non-filing of the Balance Sheets and the Annual ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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(3) 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 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 li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest of justice would be met if the name of Company is restored as prayed for, subject to conditions mentioned below. 9. 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. 68/BB/2020 is hereby disposed of with the following directions: a. The Registrar of Companies, Karnataka, the Respondent herein, is directed to restore the name of the Company in the Register maintained by the Registrar of Companies, Karnataka as if its name had not been struck off from the rolls of the Register, with restoration of all consequential action taken by Registrar of Companies, which includes restoration of DINs of its Directors. b. The Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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