9911796707
TMI Blog2020 (12) TMI 645X X X X Extracts X X X X X X X X Extracts X X X X ..... 2KA2007PTC042309, having its registered office situated at No. 1, 'SJR PRIMUS', 7th & 8th Floor, Industrial Layout, Koramangala 7th Block, Bangalore - 560095. The Authorised Share Capital of the Company is Rs. 5,00,00,000/- divided into 50,00,000 Equity Shares of Rs. 10/- each and the issued, subscribed and paid up capital of Rs. 5,00,00,000/- divided into 50,00,000 Equity Shares of Rs. 10/- each. The main objects of the Company is to carry on in all their respective branches the business of general construction contractors and engineers and among other things to construct, execute, carry out, equip, improve work and undertake works of roadways, etc. As on date, following persons are shareholders of the Company: (i) Sri. Jayarama Reddy Boopeshreddy - 25,00,000 shares of Rs. 10/- each. (ii) Sri. Jayarama Vijay Reddy - 25,00,000 shares of Rs. 10/- each. (2) It is stated that the Respondent initiated proceedings under Section 248 of the Companies Act, 2013 vide Public Notice No. 1 in Form STK-5 dated 28/04/2017 and subsequently struck-off the Applicants name from the Register of Companies vide Notice No. STK-7/ROC (B)/2017/1 in Form No. STK-7 dated 17.07.2017 under the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration of Rs. 1,42,50,000/- and the Company had also made advance payment of Rs. 6,00,000/- vide cheque bearing No. 974777 dated 20.02.2008 for sum Rs. 5,00,000/- and cheque bearing No. 241920 dated 23.01.2008 Rs. 1,00,000/- drawn on ING Vysya Bank, Jayanagar Branch. The Company also paid total sum of Rs. 30,00,000/- as part of payment of sale consideration by way of five post-dated cheques and all cheques have been already enchased. Details of the cheques are as below: Cheque No & date Amount in Rs. Branch 029642 17.07.2008 600000 ING vysya Bank Jayanagar 029643 17.07.2008 500000 029644 17.07.2008 500000 029645 17.07.2008 500000 029646 17.07.2008 900000 (7) It is stated that post execution of the Joint Development Agreements, the Company has filed applications for various approvals, permission and clearance for construction of tech park and had obtained approval from State High Level Clearance Committee of the Government of Karnataka. Subsequent to obtaining the necessary approvals, consent, sanction and permissions, one of the Joint Development partners Mr. Bodi Muniyappa along with other 27 parties, absolute owners and possession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e strike off of the Applicant name from the ROC by the Registrar of Companies, Karnataka pursuant to sub-section (5) of Section 248 of the Companies act, 2013. (11) It is also stated that the Applicant hereby earnestly make its submission that there was no mala fide intention for not filing the Balance Sheet and Annual Return for the relevant period except ignorance of the fact that non-fling of balance sheet and annual returns results in suo-moto action from ROC, Karnataka to strike off of the name of the Company form the Register of Companies. The Strike off the name of the Applicant form the Registrar of Companies has impacted the very existence of the Applicant as the Company has Joint Development Agreement which are still in existence and all court matters would be completed very shortly and the project would commence soon after obtaining the necessary approvals and acquisition of properties. (12) The Applicant stated that unless the Application is allowed and the name of the applicant is restored on the Registrar of Companies maintained by the Respondent, the Applicant as well as its shareholders shall suffer irreparable loss and hardship and will be highly prejudiced. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company, as prayed for, however, subject to payment of cost and complying with pending statutory returns etc. within stipulated period as prescribed by the Tribunal. 4. Heard Shri G.M. Ganapati, learned PCS for the Applicant, through Video Conference. We have carefully perused the pleadings of the Party and extant provisions of the Companies Act, 2013 and the Rules made thereunder. 5. Shri G.M. Ganapati, learned PCS for the Applicant, while reiterating various averments made in the Applicant/Petition, as briefly stated supra, has further submitted that the Company is active and non-filing of Annual Returns/Audited Reports in question, was neither intentional nor deliberate as it was happened in-advertently. Therefore, the Tribunal may consider the case sympathetically to restore the name of name Company as prayer for, on the principle of ease of doing business and in the interest of justice. 6. It is not in dispute that the Registrar of Companies is conferred with power U/s. 248(1) to strike off the Company, if the Company has failed to commence its business within one year of its incorporation or a Company is not carrying on any business or operation for a period of two immedia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled the Company Petition, is directed to personally ensure compliance of this order; (4) The restoration of the Company's name is also subject to the payment of cost of Rs. 30,000/- (Rupees Thirty Thousand Only) to be paid online to the account of Central Government in favour of the Pay & Accounts Officer, Ministry of Corporate Affairs, Southern Region, Chennai, within three weeks from the date of receipt of this order, failing which the order will lapse. (5) The Petitioner is permitted to deliver a certified copy of this order to the Registrar of Companies; (6) On such delivery and after duly complying with above directions, the Registrar of Companies, Bengaluru is directed to, on his office name and seal, publish the order in the official Gazette; (7) This order is confined to the violations, which ultimately led to the impugned action of striking off the Company, and it will not come in the way of Registrar of Companies to take appropriate action(s) in accordance with law, for any other violations/offences, if any, committed by the Company prior or during the striking off the Company. (8) The Company is directed is directed to resume its business operations, as expedit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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