TMI Blog2022 (1) TMI 1324X X X X Extracts X X X X X X X X Extracts X X X X ..... Companies subject to the compliances imposed - application allowed. - Company Appeal (AT) No. 07 of 2022 & I.A. No. 1365 of 2022 - - - Dated:- 6-1-2022 - [ Justice Anant Bijay Singh ] Member ( Judicial ) And [ Ms. Shreesha Merla ] Member ( Technical ) For the Appellant : CS Santosh Pandey For the Respondent : - Mr. B.K. Yadav, Advocate on behalf of Mr. Abhishek Maratha, Sr. Standing Counsel Mr. Pratyaksh Gupta, Jr. Standing Counsel, for R-2 JUDGMENT Justice Anant Bijay Singh; The present Appeal under Section 421 of the Companies Act, 2013, has been filed by the Appellants being aggrieved and dissatisfied by the order dated 14.10.2021 passed by the National Company Law Tribunal (New Delhi Bench-V) in Appeal 76/252/N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or operation for a period of two immediately preceding financial year and has not made any application within such period for obtaining the status of a dormant Company under Section 455. Consequently, its name was struck off by the Respondent No. 1 from the register of companies under Section 248 of the Companies Act, 2013 vide Notification dated 07.06.2017. iii) Further case is that the Appellant company has also made investment worth INR 18,57,00,000/- in the shares of the other company(ies) and the same can be traced from the audited financials for the financial year ending 31st March, 2017. The Appellant company has also made allotment of 4,90,000 equity shares of INR 10/- each at a premium of INR 990/- each in the year 2012, but the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... continuous business operation and is regular in filing its Income Tax Returns along with the copy of acknowledgement till the date of assessment year 2019-2020 and is regularly conducting its meetings and has been regular in preparing its annual return and balance sheets and also has held and convened its Annual General Meeting regularly and has certain assets. Further, the Tribunal did not consider the facts correctly and have not paid heed to the facts that in the financial year 2014-15, the Company has generated revenue from operation amounting to INR 3,04,000/- and also holds an investment of INR 18,57,00,000/- in other entities shares. 4. On the other hand, the Respondent No. 1 / Registrar of Companies in his reply stated that as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view of the fact that the Appellants have placed the following document/evidence before the NCLT: i. Copy of Financial Statements, Auditor Reports, Notice of AGM and Annual Return from Financial Year ended 31.03.2012 to Financial Year ended 31.03.2019. ii. Copy of the list of employees in whose account the salary is credited by the Appellant No. 1 Company and copy of share certificates showing the investments made by the Appellant No. 1 Company. iii. Copy of Statement of Profit Loss reflecting Revenue from Operations is NIL for the Financial Years ending 31st March, 2019. Copy of the Balance Sheet as on 31st March, 2019 reflecting current assets including current investments, inventories, Cash and Cash Equivalents and other curre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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