9911796707
TMI Blog2023 (1) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... ny and the restoration of name of the Company in the Register maintained by the ROC, it shall file all outstanding statutory documents namely, the financial statements for the financial years and also the annual returns along with the file fees and the additional fees as applicable on the date of the actual filing, on a careful consideration of the contentions advanced by both sides, this Tribunal by exercising of sound discretion, deems it just and proper to restore the name of the Appellant Company, however, on payment of cost of Rs. 50,000/- for the laches and omissions on part of the Appellant Company s management. Before parting of the case this Tribunal observes that the restoration of the name of the Company is subject to filing of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 's name from the Register due to defaults in statutory compliances, namely, failure to file financial statements and annual returns, which were due from the financial year ending 31.03.2014 onwards, on account of which, the Registrar of Companies (ROC) has initiated action under Section 248 (5) of the Companies Act, 2013 for the purpose of striking off the name of the Company from its Register. • Learned Counsel for the Appellant drew our attention to the copy of Certificate of Incorporation, Memorandum of Article of Association, copy of the Company Master Data, the Financial Statements, the Banks Statements and the Board Resolutions. • The NCLT has observed that the Company has not filed any Income Tax Returns; that the detai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as seen from the payment slip dated 07.11.2016 issued by Axis Bank and money receipt dated 14.11.2016 issued by IDCO. The said payments include arrears of Rs. 33,979/-. It is seen from the record that the Company has convened its Board meetings and audited its financial statements after the year 2016. On a query from the Bench, Learned Counsel for the Appellant submitted that the Balance Sheet for the Financial Years 2013 to 2016 could not be filed before the ROC on account of lack of knowledge and lack of funds but, the said financial statements were filed as a part of the Company Petition before the NCLT. The Company had not applied under Section 455 of the Companies Act, 2013 to take benefit of being a Dormant Company. It is seen from th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Learned Counsel for the Respondent that having regard to the facts of this case, if the Tribunal is inclined to give an opportunity to the Appellant herein a fine ought to be paid in accordance with law. • In Re Priceland Ltd. Waltham Foresh London Borough Council v Registrar of Companies and Ors. (1997) 1 BCLC 467, 476, 477 (Ch. D) (Companies Court), it is observed and held as under: ".....In other words, the exercise of discretion only arises after the court has been satisfied that (a) the Company was at the time of striking off carrying on business or in operation, or (b) otherwise that it is just that the Company be restored. The first of these amounts to the court being satisfied that the registrars reasonable beli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l of the Company and the restoration of name of the Company in the Register maintained by the ROC, it shall file all outstanding statutory documents namely, the financial statements for the financial years and also the annual returns along with the file fees and the additional fees as applicable on the date of the actual filing, on a careful consideration of the contentions advanced by both sides, this Tribunal by exercising of sound discretion, deems it just and proper to restore the name of the Appellant Company, however, on payment of cost of Rs. 50,000/- for the laches and omissions on part of the Appellant Company's management. 6. Before parting of the case this Tribunal observes that the restoration of the name of the Company is subj ..... X X X X Extracts X X X X X X X X Extracts X X X X
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