TMI Blog2020 (10) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... lication within such period for obtaining the status of a dormant Company U/s. 455. However, Section 248(6) states that the Registrar of Companies, before finally striking off Company, has to satisfy himself that sufficient provision has been made for the realization of all amounts due to the Company and for the payment or discharge of its liabilities and obligations by the Company within a reasonable time, and, if necessary, obtain necessary undertakings from the Managing Director, Director or other persons in charge of the management of the Company. Though the impugned striking off the Company was in accordance with law, the Tribunal has to take into consideration of bonafide contentions of Petitioner seeking to restore name of Company, b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19.02.2014 as a Private Limited Company under the provisions of the Companies Act, 1956 bearing CIN: U15422KA2014PTC073717 and having its registered office at No. 1, Near Bus Stand Ilkal Hungund, Bagalkot-587125, Karnataka. Its Authorized Share Capital is ₹ 1,00,000/- (Rupees One Lakh Only) divided into 10,000 (Ten Thousand) number of equity shares of ₹ 10/- (Rupees Ten Only) each and the Issued, Subscribed and Pain Up Capital is ₹ 1,00,000/- (Rupees One Lakh Only) divided into 10,000 (Ten Thousand) number of Equity Shares of ₹ 10/- (Rupees Ten Only) each. Its main objects inter alia are to carry on agri related businesses for the manufacture of sugar, refined sugar, artificial sweeteners, pharma sugar, sugar cubes/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to file all the outstanding documents with the Respondent upon its restoration along with fees, as applicable. (4) It is further stated that the Company is in sugar production and related industry for which actual production has long gestation period, the management of the Company has taken positive steps towards establishing sugar unit which is evident from the Industrial Entrepreneurs' Memorandum (IEM) application and other documents made and also Import and Export Code (IEC) obtained by the Company. (5) It is stated that the Company had not submitted unreasonable amount of cash in their bank during the demonetization period i.e. 08.11.2016 to 31.12.2016. Therefore, it is urged to restore the name of the Company on the Regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... costs and complying with pending statutory documents. 4. Heard Shri Roshan Raikar, learned PCS for the Petitioner through Video Conference. We have carefully perused the pleadings of the parties and extant provisions of the Companies Act, 2013 and the Rules made thereunder. 5. Shri Roshan Raikar, learned PCS for the Applicant/Petitioner submitted that the Company is active and non-filing of financial statements and annual returns in question was neither intentional nor deliberate but it was due to inadvertence. Therefore, the Tribunal may consider sympathetically to restore the name of name Company as prayer for, in the interest of justice. 6. It is not in dispute that the Registrar of Companies is conferred with power U/s. 248(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would be made if the name of Company is restored as prayed for, however, subject to conditions mentioned below. 7. By exercising the powers conferred on this Tribunal u/s 252 (3) of the Companies Act, 2013, and following the principle of ease of doing business, C.P. No. 59/BB/2020 is hereby disposed of with the following directions: (1) The Registrar of Companies, Karnataka, the Respondent herein, is ordered to restore the name of the Company in the Register maintained by the Registrar of Companies, Karnataka as if its name had not been struck off from the rolls of the Register with restoration of all consequential action by Registrar of Companies, which includes restoration of DINs of its Directors. (2) The Company is directed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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