TMI Blog2020 (12) TMI 196X X X X Extracts X X X X X X X X Extracts X X X X ..... y was carrying on business or was in operation at the time of striking off its name or where it appears just to the Adjudicating Authority that the name of the company is to be restored to the Register of Companies and the Section 252(1) further contemplates that one of the above three conditions are required to be satisfied before exercising jurisdiction to restore the company to its original name on the register of the Registrar of Companies - The Appellant has submitted sufficient evidence that it has been in operation during the period preceding strike off, therefore it could not be termed as a defunct company as per Section 252 of the Act. Thus, taking into consideration the provisions of Section 252(1) of the Companies Act, 2013, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ituated at 13/14 Windsor Mansion, Janpath Lane, New Delhi- 110001, within the jurisdiction of this Tribunal. 3. The Authorized Share Capital of the company is ₹ 50,00,000/- divided into 5,00,000 equity shares of ₹ 10/- each. The issued, subscribed and paid up share capital of the Appeal No. 223/252/ND/2020 (Pinaki Maintenance Private Limited) Page | 4 Company is ₹ 1,00,000/- divided into 10,000/- equity shares of ₹ 10/- each, as per the Master Data Annexed. 4. The main objects of the company are: a) To carry on the business of manufacturing, export import, buy, sell, patchwork bed-spreads, printed bedspreads and other home furnishing items like cushion covers, shams, table covers, curtains, valance, bed ruff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Appellant has brought forward the following documents about it being in operation and functional during the period of striking off: i. The copies of Audited Financial Statements of the company for the period from F. Y. 2017-18 and 2018-19. The Balance Sheet as on 31.03.2019 reflects Assets in form of Fixed Assets of ₹ 2,67,926/-, Current Assets in form of Cash and Cash Equivalents of ₹ 3,27,387.57, and Other Current Assets of ₹ 2,32,87,659/-. Revenue from Operations of ₹ 7,617,870/- and Revenue from Operations of ₹ 68,39,235/- on 31.03.2018. ii. The copies of Bank Statements of the Company in Axis Bank Ltd., for the period 10.01.2019 to 28.11.2019 showing various transaction details of the company and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a defunct company as per Section 252 of the Act. Thus, taking into consideration the provisions of Section 252(1) of the Companies Act, 2013, which vests this Tribunal with a discretion where the Company, whose name has been struck off, and such Company is able to demonstrate that it is just to do so, can restore the name of the Company, in the Register and in the interest of all stakeholders, including the Appellant itself, who seeks restoration of the name of the Company in the register maintained by Registrar of Companies, the company deserve to be restored. 12. Accordingly, this appeal is allowed. The Public Notice of Registrar of Companies, striking off the name of the company, is hereby declared illegal and set aside. The restorati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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