Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2019 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (6) TMI 1676 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCHSeeking restoration of name of the company in the Register of Companies maintained by the Registrar of Companies, Pune - failure to file Financial Statements and Annual Returns for the period of 5 years i.e. 2011-12 to 2015-16 - Section 248 (5) of the Companies Act, 2013 - HELD THAT:- Upon analysis of the Balance Sheet, Profit and Loss Account of the Company, it is observed that the company did not generate any Income/Revenue since incorporation. Further it is also noted that Revenue From Operations Nil, other income Nil, Employee Benefit Expenses Nil, Cash and Cash Equivalents is a negligible amount of Rs.14,888/-for the year ending 31.03.2017, further revenue from Operations Nil, for the financial years 2016-17 as per the documents submitted by the petitioner company. All these Nil figures indicates that the company currently exists only on paper, not carrying on any business or operation which substantiates the criteria as laid down in section 248 of the Companies Act 2013, therefore, the action taken by ROC is justified and the Bench did not feel any ground to interfere with action of striking off the name of the company by ROC. The Bench is also of the considered view that these type of companies only put burden on the system, Government/ROC, by way of record keeping, ensuring compliance by these companies and at times these companies may be used for various purposes other than the purpose/object for which the company was originally incorporated. It also puts burden on the company to comply with various regulatory/statutory compliances. The Bench has not found any justifiable/ reasonable grounds to interfere with the action taken by the Government of India/ROC in striking off names of Lakhs of companies including the Petitioner Company - Appeal seeking restoration of the company’s name in the Register of company maintained by the ROC, Pune is dismissed.
|