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2018 (4) TMI 1703 - Tri - Companies LawRestoration of name of the Petitioner Company in the Register of Companies - Section 252(3) of the Companies Act, 2013 - HELD THAT:- The company has no revenue from operation. This reflects that, the company is not doing any business and they are in processing for allotment of land from KIADB, but the reasons known that, the matter is still under correspondence for taking possession of the land and as far as KIADB is concerned vide their letter dated 16th December 2016, it is stated that, if the possession of land is not taken within 30 days from the date of payment of the premium shall result in cancellation of allotment and of the amount paid towards premium and EMD shall stand forfeited. The amount which has been paid by the company as reflected in their letter dated 23rd November 2016 is not appeared in their Balance sheet as on 31/03/2017. There is no revenue from operations since incorporation i.e., from August 2010 to 2017. There are no grounds to order for restoration of the name of the Petitioner Company as no fixed or other substantial assets are available. No materials from the side of Petitioner Company to establish that, it was an ongoing concern at the time when its name was struck off - the name of the company cannot be restored and the Registrar of Companies, Karnataka, Bangalore had rightly removed the name of the company from the register of companies. Petition dismissed - decided against petitioner.
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