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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 ..... 24/- and Revenue from operations is at ₹ 1,95,000/- as on 31.03.2017. After going through the provisions of Section 252 (3) of the Companies Act, 2013, this Tribunal is of the view that the Company was in existence and it is a going concern and name of Company to be restored in the Register of Companies as maintained by RoC - Registrar of Companies, the respondent herein, is ordered to restore the original status of the Applicant Company as if the name of the company has not been struck off from the Register of 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 - Application allowed. - CA No. 81/252/HDB/2020 - - - Dated:- 27-8-2020 - Ratakonda Murali, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : D.V.A.S. Ravi Prasad, Advocate For the Respondent : Suma and T. Sujan Kumar Reddy ORDER 1. This application is filed by the Applicants who are the Shareholders and Directors of M/s. SRM Urban Infrastructu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e also 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 the Company was changed to Strike off . g. It is averred by the applicants that after the notification issued by the Respondent the applicants have decided to take steps to restore the name of the Company and for that purpose, intended to file the overdue returns for the financial year ending 31.03.2014 to 31.03.2017. h. The applicants averred that the management was unaware of the procedure and the question of cost of filing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enclosed the following documents giving justification/substantiating that the Company has been operational as under:- (1) Certificate of incorporation. (2) Copy of Memorandum and Articles of Association of the Company. (3) Copy of development agreement. (4) Copies of the Financial Statements for the Financial Years ended from 2012-2013 to 2016-2017. (5) Provisional income tax returns and provisional balance sheets. (6) Demonetisation period affidavit. o. The Learned Counsel for the Applicants has stated that the Company has filed its Application within the limits laid down under Section 252 of the Companies Act, 2013. 3. The Registrar of Companies Hyderabad/Respondent herein denied all the averments made in the Application except those which are specifically admitted herein and submitted his report vide memo No. ROCH/LEGAL/SEC252/054773/SRM/JTA(MSN)/2020, dated 11.08.2020 stating as follows:- A. The Company 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 directo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ations(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 ended 2017-18 the company is having revenue from operations at ₹ 2,20,000/-. As seen from the provisional profit and loss statement for the year ended 2018-19 the Company is having revenue from operations is shown at ₹ 2,85,000/- This shows the company is ongoing concern. The applicants complied the requirements pointed out by the ROC, in his report. Therefore there are grounds to restore the company. 6. Further, we have seen the latest Balance sheet as on 31st March 2017 of the Company. The Company is having total Assets (Non-current and current) at ₹ 33,124/- and Revenue from operations is at ₹ 1,95,000/- as on 31.03.2017. 7. After hearing the Counsel for the Applicants and after perusal of material documents on record, the report of the RoC, Hyderabad and after going through th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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