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2019 (8) TMI 1460

..... ther going concern or not? - HELD THAT:- We do not find any material to prove that the appellant company was a going concern or was doing business during the above said period. We are not at all convinced as to pass an order in favour of the appellant by restoring the name of the appellant. From the evidence available, we can have a legitimate inference that it is a sham company having deliberately not filed the Annual Return and financial statement from the date of incorporation because, the company was not in operation. Accordingly, there are no justifiable reason to allow this appeal as prayed for. Appeal dismissed. - CP (Appeal) No.465/KB/2019 - 27-8-2019 - Jinan K.R., Member (J) And Harish Chander Suri, Member (T) For the Appellant/Pet .....

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..... to be allowed. To substantiate the contention, the appellant produced the financial Statement, director's report, statement of bank account of the company and IT Returns. 4. The ROC Jharkhand received notice and filed report contending that the appellant had not filed its balance sheet and annual return for the FY starting from 31/3/2013 and therefore the respondent had drawn a presumption that the company is not doing any business and after complying other compliance to be meted out under Sec.248 (1) issued striking off notice. The appellant did not care to send the reply and thereby the respondent removed the name of the company from the register and the removal was published in accordance with the provisions under Sec.248. Upon said .....

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..... see the financial position of the appellant, we have screened the financial statements filed along with the application from the date of incorporation till the financial year 2018. 9. The financial statements demonstrate that the revenue generation from operation for all the financial years from the date of incorporation till the date of striking off the name of the Company is "NIL". On a careful scrutiny Of the financial statement also, it is revealed that there are certain expenses made for all the financial years under the Head "Other Expenses". So also there is no expenses paid towards any one of the employees allegedly engaged for doing the business. So, it is an indication that the company was not in operation from .....

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