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TMI Blog2021 (1) TMI 520X X X X Extracts X X X X X X X X Extracts X X X X ..... e placed, refusal to restore will be an excessive penalty for the over-sight on the part of the R1 Company. The Applicant shall file all the pending Financial Statements and Annual Returns with R2 (RoC) as per the Act and Rules made thereunder. It shall also comply with the provisions of the Companies Act, 2013 without any delay in future. Form INC 28 shall also be filed as per procedure - Application disposed off. - CA No.276/252/HDB/2020 - - - Dated:- 7-1-2021 - Shri. K. Anantha Padmanabha Swamy, Member Judicial. Dr. Binod Kumar Sinha, Member Technical Mr. Sujan Kumar Reddy, counsel Per: Dr. Binod Kumar Sinha, Member Technical ORDER 1. This is a Company Application bearing CA No.276/252/HDB/2020, filed by Ms. P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elivery, the Registrar of Companies (RoC) do, in his Official Name and Seal, publish the order in the Official Gazette enabling the 1 st Respondent Company to be in the Register of Companies maintained by ROC. g) Allow the 1 st Respondent Company to file pending Financial Statements and Annual Returns with ROC within 30 days, from the date of enabling the Company by RoC in his portal, to file such documents under e-filing with requisite fee and additional fee as prescribed under Section 403 of the Companies Act 2013 read with Rule 12 of Companies (Regulation of offices and Fees) Rules, 2014, or on or before a date prescribed by this Tribunal. h) Direct the 2nd Respondent to remove the DIN Numbers of the Directors from the Disquali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons of the Companies Act, 1956/ 2013 (hereinafter referred to as Act ) in force at the relevant period. d) That the Financials of the R1 is showing substantial Assets in the form of Immovable Property to the extent of 2,177 sq. yards at Kapra Medchal District, Telangana. The Cost of the Asset/ present market value is assessed at ₹ 1,74,16,000/- (Rupees One Crore Seventy Four Lakhs Sixteen Thousand Only) by the Sub-Registrar s office . e) That the R1 Company has not filed any Financial Statements and Annual Returns with the R2 (ROC) since its incorporation. The Directors thought that they can file the Annual Returns and Financial Statements for the years 2006-07 to 2018-19 with additional fee as contemplated under section 92 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al resources, human resources as well as local marketing conditions and a lot of research has been carried out by the directors and promoters on the very product/service of the company. h) That the Applicant has filed copies of Audited Financial Statements for the Financial Years as at 31.03.2007 to 31.03.2019, along with Independent Auditor's Report of the 1 st Respondent Company, copy of Market Value Assistance Report given by Sub-Registrar and relevant copies of the Computation Statements to show that the RI Company is doing its operations and business and undertook to ensure that it will file all the pending documents/statutory returns in respect of the R1 Company along with fee and additional fee as prescribed under the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se permitted by the orders and regulations of RBI. j) Reiterating the above, the counsel for the Applicant prayed to allow the instant Appeal as sought for. 3, The Registrar of Companies, Hyderabad who is the Respondent No.2 herein, has filed his report dated 16.12.2020 vide no. ROCH/LEGAL/SEC252/035886/SUND/JTA(MSN)/2020/1459 wherein the details of the RI Company such as date of incorporation, address of the registered office etc., and also the details of the Shareholding Pattern, Capital Structure and history of compliance has been furnished. While submitting the above facts the R2 (ROC) has raised the following observations in its Report and prayed to dispose the instant application on merits: Para 9(4): As per the Balance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asons as mentioned in the Application, and the evidence in support of the contentions that the RI Company is holding certain assets and liabilities in the form of Land and Advances, this Tribunal is of the opinion that it would be just and proper to order restoration of name of the Company in the Register of Companies. In view of the averments made and evidence placed, refusal to restore will be an excessive penalty for the over-sight on the part of the R1 Company. 2. The Applicant shall file all the pending Financial Statements and Annual Returns with R2 (RoC) as per the Act and Rules made thereunder. It shall also comply with the provisions of the Companies Act, 2013 without any delay in future. Form INC 28 shall also be filed as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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