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2019 (5) TMI 825 - AT - Companies LawRestoration of name of the Company - allotment of land - appellant submitted that even though the appellant company is not carrying on any business, the appellant company should be considered to be fully operating and that the same is sufficient in view of Section 252(3) of the Companies Act to restore the appellant company - HELD THAT:- The appellant is continuously taking efforts to set up industry and also observing that the appellant had applied for land and submitted project report in 2013 and the land was allotted in 2016. Further the company is depositing balance instalments towards the allotment of land. However, we observe that the amount deposited by the appellant has not been reflected in the Balance Sheets but as the appellant argued that the amount has been invested by the Directors, therefore, the same should have been reflected in the Balance Sheet. We expected that the Balance Sheets to be filed with the ROC are true and fair reflecting all transactions of the company. We have come to the conclusion that in the light of huge investment made by the directors/company and the appellant is continuously making efforts to set up the industry and also still depositing the instalments towards land, it would be just that the name of the company is directed to be restored. - appeal allowed.
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