9911796707
TMI Blog2018 (11) TMI 1859X X X X Extracts X X X X X X X X Extracts X X X X ..... indicating/ notifying in relation to striking off of the name of the company. The appeal has been filed invoking Section 252(3) of the Act. Brief facts as has been averred in the Appeal/ Petition is to the following effect: - a.) That the company was incorporated on 6th October, 2009 as a private company limited by shares having CIN No. U80302RJ2009PTC029991 under the erstwhile provisions of Companies Act, 1956 with the Registrar of Companies, Jaipur, Rajasthan. b.) That the company is having an authorised capital of Rs. 1,00,000/divided into 10,000/- equity shares of Rs. 10/- each and that the paid-up share capital of the company is also to the said extent and that the petitioners/appellants herein are the shareholders to the entire p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ght for certain other reliefs in the petition/appeal filed by it. 2. Upon notice to the respondent ROC whose action in striking off is sought to be challenged in the above appeal a reply has been filed by the respondent to the effect that due process has been adopted by the ROC in striking off of the name of the company under Section 248 of the Companies Act, 2013 in view of non-compliance with the provisions of Section 159 and 220 of the Companies Act, 1956 and thereafter to Section 92 and 137 of the Act. However, it is also stated that the answering respondent, namely, ROC has no objection if the company is restored on the register of companies under Section 252 of the Act by this Tribunal, however, subject to the company filing its Bala ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 8,38,463 and the net block after depreciation is to the extent of only Rs. 97,838/- with no significant improvement in relation to its operations as the Profit and Loss account for the year ended 31.03.2015 as well as 31.03.2016 discloses no revenue from operations and the expenses during the said period is confined only to depreciation and other expenses of Rs. 7,500/- for each of the year under the head other expenses. (ii) In relation to 31.03.2017, again there has been no significant additions to the fixed assets of the company and position in relation to Profit and Loss account remains the same in the sense that only depreciation and other expenses have been reflected therein without any revenue from operations being disclosed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal on an application made by the Company, member, creditor or workman before the expiry of twenty years from the publication in the Official Gazette of the notice under subsection (5) of Section 248 may, if satisfied that the company was, at the time of its name being struck off, carrying on business or in operation or otherwise it is just that the name of the company be restored to the register of companies, order the name of the company to be restored to the register of companies, and the Tribunal may, by the order, give such other directions and make such provisions as deemed just for placing the company and all other person in the same position as nearly as may be as if the name of the company had not been struck off from the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso required to look into, if brought to its notice that if the name of the company is restored there is every chance of the company to revive its business and show significant upward movement in the generation of revenue. Any business to say the least is attendant with business cycles and a company which is at its lowest ebb at a given point of time can always rise to its potential at a future date based on the upward movement of business cycle of that industry or dependent on the general economic conditions. Thus, mere lack of operations for two years immediately proceeding the striking off of cannot be the only determining factor and this Tribunal is also required to take into consideration the scope of revival of the operations of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng ROC for necessary reliefs, if provided under law. The restoration of the name of the company is attended with following terms. The petitioner/Appellant Company Shall: a) Within a period of 15 days from the restoration of the petitioner Company's name in the register being maintained by the ROC, the appellant/petitioners will file inter alia its annual returns and balance sheets as well other compliances statutorily required to be made under the Companies Act, 2013 for the period from which there has been default with requisite charges/fee as well as additional fee/late charges. b) That the petitioner Company out of its funds, set apart a sum of Rs. 2,00,000/- and deposit the same with the respondent/ROC to defray the cost and ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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