TMI Blog2020 (9) TMI 900X X X X Extracts X X X X X X X X Extracts X X X X ..... aintained by the RoC/Respondent. However, it may be seen that the Company has not filed its Annual Return and Balance Sheet with the RoC/Respondent from the year 2003 to till date - the Company is required to be imposed an exemplary cost in a sum of ₹ 50,000/- payable to the PM CARES Fund - Application disposed off. - CA/165/2020 - - - Dated:- 30-7-2020 - R. Varadharajan, Member (J) And Anil Kumar B., Member (T) For the Appellant : T. K. Bhaskar For the Respondent : B. Sarath Babu, Advocates ORDER Anil Kumar B., Member (T) 1. The instant Application has been filed by one Mr. MOH Iqbal in the capacity as a Shareholder of M/s. Hartford Academy of Insurance and Education Private Limited (hereinafter referred to as 'Applicant Company'), under Section 252(3) of the Companies Act, 2013 in relation to the order of striking off the name of the Company passed by the RoC/Respondent under the provisions of Section 248 of the Companies Act, 2013. 2. The other two Shareholders viz., Mr. M. Balakrishnan and Ms. Raseena I, also have given their consent to restore the name of the Company by way of an Affidavits dated 08.02.2020, in and by which all the S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring C.S. No. 443/2011 was filed by the Company on the file of the Hon'ble High Court at Madras. The Hon'ble High Court of Madras by its Judgement and Decree dated 26.07.2017 directed the Insurance Company to pay a sum of ₹ 1,62,68,011/- with further interest @ 18% per annum on the principal sum of ₹ 61,50,795/- till the date of realization. 7. It is stated that the Insurance Company had preferred an Appeal bearing O.S.A. No. 305 of 2018 before the Hon'ble High Court at Madras as against the Judgement and Decree dated 26.07.2017. The Hon'ble High Court at Madras vide Order dated 20.03.2019 admitted the Appeal and granted conditional stay subject to the payment of 25% of the decreed amount to the Applicant Company. However, it is stated that the Insurance Company has filed an Appeal for modification of the Order dated 20.03.2019, to the effect that the said 25% of the amounts be deposited in the Court instead of paying to the Applicant Company and in view of the fact that the Applicant Company has been struck off by the RoC/Respondent. 8. It is further stated that the Hon'ble High Court at Madras vide Order dated 16.04.2019 has modified the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. To pass such other orders as deemed fit and proper in the circumstances of the case. 11. Heard the submissions of the Ld. Counsel for the Applicant and Ld. Counsel for the RoC/Respondent through Video Conferencing Mode and perused the documents placed before this Tribunal. It is the contention of the Ld. Counsel for the Applicant that the name of the Company has to be restored to the Register of Companies since the Company is bona fide to prosecute the case before the Hon'ble High Court at Madras to recover a sum of ₹ 1,62,68,011/- with interest @ 18% per annum which is due and payable by the Insurance Company. Further it has been contended that the Insurance Company has already deposited a sum of ₹ 81,34,006/- to the credit of the Appeal with Indian Bank, Madras High Court Branch, Chennai-104, which the Applicant Company is entitled to receive, however, could not receive owing to the action of striking off the name of the Company from the Register of Companies by the RoC/Respondent. 12. In order to buttress his arguments, the Applicant relied on the Order passed by the Hon'ble NCLT, New Delhi Bench-III in the matter of Mrityunjaya Bhaskar -vs- The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Court, which was separated from this present case by order dated 30.05.2017 passed in the said writ petition. A pin-pointed reading of only a part of one or two paragraphs of the cited judgment does not display the ratio of the point decided by the Court. I do not find anything contained in the said two cited cases, which helps the respondent. Rather, both of the said judgments itself present the grounds on which an application under section 560(6) of the Companies Act, 1956 deserves to be allowed. Therefore, I do not feel it appropriate to burden this judgment by quoting various paragraphs of both the two decisions cited by the learned counsel for the respondent. 7. In view of the submissions of the Appellant and the observations made by the Hon'ble High Court of Gauhati it is just and expedient to direct the Company's restoration. The action of RoC is founded merely on grounds of non-filing of the statutory returns. The Act itself provides for redressal of these defaults. A step as stringent as what has been taken at least requires an opportunity to the Appellant to take remedial measures. Merely to disallow restoration on grounds of its failure to file annual re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court in Bhogi Lal Chiman Lal vs. Registrar, Joint Stock Companies: AIR 1954 M.B. 70, the effect of the order of the Registrar of Companies striking off the name of the company from the register would be that the company will be deemed to be dissolved and it may be difficult for the petitioner to obtain a relief in the suit pending before the trial court. It is not also known whether the company had brought to the notice of the ROC about the pendency of the litigation in the trial court. If it had, perhaps the ROC would not have struck off the name from the register. 14. Thus, from the contention raised by the Counsel for the Applicant it can be seen that the Applicant is relying on the just ground as envisaged under Section 252(3) of the Companies Act, 2013 to restore the name of the Company in the Register of Companies maintained by the RoC/Respondent. 15. Apart from the said just ground relied on by the Applicant from the typed set of documents filed in the Application, it may be seen as rightly pointed out in the Report of the RoC/Respondent that the Company has not filed any Income Tax Returns for the period from 2003-2019 nor any GST Returns in order to show ..... X X X X Extracts X X X X X X X X Extracts X X X X
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