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2019 (10) TMI 1382 - Tri - Companies LawSeeking restoration of the name of the Company in the Register of Companies, West Bengal - Section 252 (3) of the Companies Act, 2013 for restoration of the name of the Company in the Register of Companies, West Bengal - HELD THAT:- The company is not earning any revenue from operations since its incorporation i.e. from 2012-13 to 2017-18 and therefore, has not earned any profits. There are no fixed assets in the company. Hence, perusal of the financial statements does not reveal that the Company was carrying on its business operations for the purposes of furthering the objects mentioned in its Memorandum of Association. A copy of statement of Bank Account is seen produced on side of the appellant, annexed as "Annexure A-7". The Company's Memorandum of Association produced along with the appeal, indicates that the Company was incorporated to carry on the business of real estate and as developers, and builders. The entries in the bank statement do not reflect transactions which evidence carrying on of business operations of the Company. So, the bank statements also do not help in strengthening the contention on the side of the appellant that the Company is a going concern. No Income Tax Return Acknowledgments are seen produced on side of the appellant. The above said discussions lead to a conclusion that on the date of the striking off the name of the Company, it was not doing any kind of business for which the Company was incorporated. The Company not doing any business as on the date of striking off therefore, possibility of attempts of siphoning of funds to evade tax by the Company or other stakeholders in the Company cannot be ruled out from the peculiar nature and circumstances brought out in the case in hand. Section 252(3) of the Companies Act, 2013 confers upon the Tribunal ample power to order restoration of a Company whose name has been struck off from the Register of Companies, if the Company, at the time of its name being struck off was carrying on its business or was in operation or it is otherwise just that the name of the Company be restored on the register - in the present case, there is no just reason to restore the Company's name on the Register of Companies. Since the Company seems to be not an active Company and not carrying on the business for which it was incorporated, the appeal is liable to be dismissed. Appeal dismissed.
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