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TMI Blog2021 (1) TMI 984X X X X Extracts X X X X X X X X Extracts X X X X ..... uance of directions to the Registrar of Companies, Hyderabad to restore the name of the Company in the Register of Companies and to pass such order as deemed fit in the circumstances of the case. 2. The averments made in the Company Application are briefly described hereunder:- a. The Company M/s. SRM Urban Infrastructure India Private Limited (hereinafter referred to as the "Company") was incorporated on 12.07.2007 and has commenced its business operations after few months of the date of its incorporation. The main business of the company is to carry on the business of developing commercial real estate projects by procuring/aggregating land and developing the same. b. The main objects of the Company are to promote and develop infrastr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forced to shift their interests to their other ventures but did not leave the Company and have been carrying on real estate consultancy services on a very small scale. This has, in a way, paralyzed the management and forced them to concentrate all their energies to reconstruct the works and re-organise its business and get finance and investment partners. With these works the compliances in relation to filing of financial statements and annual returns got postponed. f. It is averred that by the time management took all the steps and collected all the requisite material and papers from the staff, consultants and Auditors and arranged necessary funds to complete the filing of financial statements and annual returns with ROC, the status of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arch 31, 2017. k. It is averred that the Company has not earned profits as such, it was not required to pay any tax and as there was no tax obligations and in these circumstances, the Company did not file Nil returns. It is averred that the MCA introduced an amnesty scheme to enable the defaulting Companies to file the overdue returns and the applicants want to file the returns availing the benefit of the scheme which will last till September end. However due to corona affect, the country was paralyzed and had it been not for the above catastrophe, the applicants would have filed this Application in the nature of appeal immediately upon notification of the scheme by the MCA coming into force. Hence it is necessary that this Tribunal may b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had defaulted in filing the Financial Statements and Annual Returns for more than 2 Years and, hence the company was identified for strike off u/s 248(1). Accordingly notice under Section 248(1) was issued to the company and its directors. Further STK-5 notice dated 05.05.2017 was issued and the same was published in the Gazette and publication in newspaper was made informing all the stake holders about the list of companies struck off published in the website. Finally it was marked strike off in MCA Portal and STK-7 notice was also published in the Gazette on 21.07.2019. B. Respondent stated that the applicants had not filed any balance sheet or annual returns with the respondent since 2013 to 2019. However, a copy of the audited balanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ended that, the Company is doing its business as a going concern basis. Counsel further contended that, the Company will file necessary financial statements and Annual Returns soon after restoration of the name of the Company with the Registrar of Companies, Hyderabad and prayed the Tribunal to revive this Company. He has also filed the memo with regard to the observations(regarding balance sheet and IT Returns) made by the Respondent. 5. The counsel for applicants has filed provisional balance sheet for the financial years 2017-18 and 2018-19. He has also filed provisional income tax returns for the financial year 2017-18 and 2018-19 along with memo dated 17.08.2020. As seen from the provisional profit and loss statement for the year ende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Companies and take all consequential actions like change of company's status from 'strike off' to Active (for e-filing), to restore and activate the DINs if applicable, to intimate the bankers about restoration of the name of the company so as to defreeze its accounts. 2) The Applicant company is directed to file all the statutory document(s) along with prescribed fees/additional fee/fine as decided by RoC within 30 days from the date on which its name is restored on the Register of companies by the ROC; 3) The Company's representative, who has filed the Company application is directed to personally ensure compliance of this order. 4) The restoration of the Company's name is also subject to the payment of cost of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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