TMI Blog2020 (9) TMI 748X X X X Extracts X X X X X X X X Extracts X X X X ..... have been attached at Annexure A-9 of the petition. The petitioner-company has earned revenue in the financial year 2013-14 to 2016-17, therefore, it is just and equitable to restore the name of the petitioner-company into the Register of Companies, maintained by the ROC - the ingredients provided for in Section 252(3) of the Act, are satisfied. The name of the company is restored in the Register of Companies, subject to deposit of ₹ 20,000/- as costs with the Pay and Accounts Officer, Ministry of Corporate Affairs within a period of three weeks from the receipt of certified copy of this order - petition allowed. - CP No. 29/Chd/Hry/2019 - - - Dated:- 23-1-2020 - HON BLE MR. AJAY KUMAR VATSAVAYI, MEMBER (JUDICIAL) And HON B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns on behalf of ROT Internet Ventures Private Limited before this Tribunal, for revival of the company. List of shareholders of the petitioner-company is at Page 42 as Annexure A5. 3. The certificate of incorporation of the Company is at Annexure A3 of the petition. The authorized capital of the petitioner-company is stated to be ₹ 15,00,000/- divided into 1,50,000 number of equity shares of ₹ 10/- each and the issued, subscribed paid up capital of the petitioner-company is stated to be ₹ 14,69,070/- divided into 1,46,907 number of equity shares of ₹ 10/- each fully paid up. The Memorandum and Articles of Association are part of the record and the same is also at Annexure A4 of the paper book. The main objects o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted that due to various factors, such as lack of knowledge to its Directors, paucity of funds, severe recessions, the petitioner-company could not complete the compliances i.e. annual filings etc., due to lack of knowledge and it was unable to avail regular services of processional regarding annual filings of the company with the ROC and that it has failed to file necessary statutory documents with the ROC since incorporation. 7. It is also submitted that the petitioner-company was maintaining its bank accounts with the State Bank of India and Kotak Mahindra Bank and was doing transaction through its bank account only. The petitioner-company disbursed salary to the employees through bank account and made other transactions through the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the income tax return for assessment year(s) 2014-15, 2015-16 and 2018-19 have been filed with the Income Tax Department timely and the returns for the assessment years 2016-17 and 2017-18 are shown to be filed belatedly. 10. The learned counsel for the petitioner-company has submitted that in the event of restoration of the name of the Company in the Register of Companies, the Company shall file all outstanding statutory documents. 11. During the course of hearing, the learned counsel for the petitioner-company pleaded that the conditions provided for in Section 252(3) of the Act, are satisfied and that the Company was carrying on business and was having revenue from operation at the point of time when name of the Company was s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or in operation or otherwise it is just that the name of the company be restored to the register of companies. 15. The Company is stated to be engaged in the business of providing IT services and its consultancy. The balance sheet for financial years 2013-14 to 2016-17 have been filed as Annexure A7 of the petition. The sales and expenses and profit and loss details for the years 2013-14 to 2016-17 are as follows:- Financial Year Total Sales (Rs. ) Expenses (Rs. ) Profit (Rs. ) 2013-14 3,03,642/- 1,05,02,827/- - 1,09,88,678/- 2014-15 45,51,7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... within a period of three weeks from the receipt of certified copy of this order. Further directions are issued as under:- a) The petitioner shall deliver a certified copy of the order to the Registrar of Companies within 30 days from the date of receipt of certified copy of this order; b) On such delivery, the Registrar of Companies do, in his official name and seal, publish the order in the Official Gazette; c) The company is directed to pay the requisite fee for filing the Balance Sheets and Annual Returns up to date with the applicable fee and the additional fee as prescribed in the Rules; d) The company shall deposit the costs of ₹ 20,000/- with the Pay and Accounts Officer of Ministry of Corporate Affairs within thre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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