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TMI Blog2021 (7) TMI 1177X X X X Extracts X X X X X X X X Extracts X X X X ..... s of running the same for the purpose of which it was incorporated. It is significant to point out here that while considering an Application under Section 252(3) of the Companies Act, 2013, this Tribunal cannot focus only on the past activities, however, is also required to look into the future prospects of the Company and an upward movement in the business cycle of that industry which would result in the generation of revenue - It is also seen from the records produced before this Tribunal that the Company is proposing to construct a manufacturing unit and has also produced a blue print in relation to the same, which also fortifies the 'just' ground being a factor to be considered by this Tribunal in the process of deciding an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Alwarpet, Chennai -600018. 3. The main object of the Company, as per the Memorandum of Association, is to carry on the business of manufacturing and installation of different kinds of doors, roller shutters and public seating system, importers, exporters, of and dealers in all kinds of doors, roller shutters, etc. The details of the main object are set out in the Memorandum of Association which is filed along with the typed set of documents. 4. It is seen from the records that the Company has not filed its financial statements and annual returns for the period since incorporation, i.e. from the Financial Year 2013 - 14 onwards till the date of strike off with the Respondent/RoC and hence the Respondent had initiated proceedings unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Director have moved back to Dubai and as such the Director was not in a position to finalize the Accounts for the FY 2013 - 2014. 6. The Learned Counsel for the Applicant submitted that after extensive market research by the Applicant in the year 2019, it was found that it is feasible and highly lucrative to set up a manufacturing unit in Chennai and the Company M/s. Ferco Group would itself invest in establishing a Greenfield manufacturing plan, which would generate close to 125 direct jobs and 75 indirect and ancillary jobs. In pursuance of the same, in December 2019 a general due diligence was conducted and during such time, it was found that the name of the Company viz. M/s. Ferco Shutter Seating India Private Limited was struck ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the period from 31.03.2014 ill 31.03.2019; ii. ITR - V Acknowledgment for FY 2018 - 2019 iii. Sale Deed entered into and executed in favour of the Applicant iv. Proposed Blue print of the Factors Adjoining warehouse which the Applicant seeks to commence construction upon revival. 9. Upon perusing the aforesaid documents, it is seen that the Company has not placed on record any document to show that they have been active and carrying on its business operations immediately two years preceding the date of strike off. However, a perusal of other communications which are placed along with the written submissions discloses the fact that the Company is having future prospects of running the same for the purpose of which it was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equired to look into the future prospects of the Company and an upward movement in the business cycle of that industry which would result in the generation of revenue. It is also seen from the records produced before this Tribunal that the Company is proposing to construct a manufacturing unit and has also produced a blue print in relation to the same, which also fortifies the 'just' ground being a factor to be considered by this Tribunal in the process of deciding an Application/Appeal under Section 252(3) of the Companies Act, 2013. 11. Thus, taking into consideration the provisions of Section 252 of the Companies Act, 2013 and more particularly the 'just' ground as envisaged under sub - section (3) of Section 252 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r it will not entitle the Directors of the Company whose names in case have been disqualified by virtue of provisions of Section 164 of the Companies Act, 2013 by the Respondent/RoC automatically to be restored to directorship except in accordance with law. (vi) An affidavit of compliance of the aforesaid directions shall be filed by the Applicant within a period of 2 months from the date of this order. (vii) The shareholders of Applicant Company shall jointly submit an Undertaking to the Registrar of Companies stating therein that the accounts of the Company were not used as means to transact tainted money during the period of demonetization. (viii) Further, this order allowing the Application shall also not circumscribe the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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