TMI Blog2020 (12) TMI 842X X X X Extracts X X X X X X X X Extracts X X X X ..... ge of the management of the Company. The Company has two properties worth ₹ 21,20,000/- and ₹ 14,50,000/- as per its latest audited balance sheet of FY 2018-19. Since the Properties are in the name of the Company, restoration of the name of the Company is for ensuring the best interest of the shareholders. No prejudice would be caused to any party if the Company's name is restored, as prayed. The Members of the Company have undertaken that post restoration of the name of the Company in the Register of the Registrar of Companies, Bangalore, the Company will complete the Annual filings due for the past years and carry on the business in its ordinary course. Therefore, the interest of justice would be met if the name of Company is restored as prayed for, subject to conditions imposed - the name is restored - application allowed. - C.P. No. 101/BB/2020 - - - Dated:- 11-9-2020 - Rajeswara Rao Vittanala, Member (J) And Ashutosh Chandra, Member (T) For the Appellant : Amrita Jain, Advocate ORDER Ashutosh Chandra, Member (T) 1. C.P. No. 101/BB/2020 is filed by Mr. Alexandre Efimov, ('the Applicant') Member of M/s. Bofian Softwares Private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) As per Section 96 of the Companies Act, 2013, the AGM of the Company is required to be convened within 15 months from the date of last AGM or six months from the date of closure of Financial Year, whichever is earlier. Since incorporation, every year, the Company has been duly completing the compliance with respect to approval of annual accounts by its Board of Directors and has been convening its AGM for adoption of its Financial Statements. (5) Pursuant to Section 137(1) of the Companies Act, 2013 the Financial Statements shall be filed with the ROC within 30 days of AGM and Section 92 mandates to file the Annual Return within 60 days of AGM. However, due to huge losses incurred by the Company and due to inadvertent slipup, the Company had made a delay in filing the Financial Statements for the FYs 2013-14 and 2017-18. Meanwhile, the Company has received Form No. STK-7, issued by the ROC dated 17.07.2017 under Section 248 of the Companies Act, 2013 intimating its intent to remove the name of the Company from the ROC, on the ground that, the Company was not carrying on any business or operations for a period of two immediately preceding financial years. (6) It is fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee imposed by this Tribunal for the restoration of the Company. (11) The Company has two properties worth ₹ 21,20,000/- and ₹ 14,50,000/- as per its latest audited balance sheet of FY 2018-19. Since the Properties are in the name of the Company, restoration of the name of the Company is for ensuring the best interest of the shareholders of the Company. Moreover the management of the Company is hopeful that the Company will bag better deals in coming years. 3. The Registrar of Companies, Karnataka, has filed a Counter Affidavit dated 04.09.2020. He has not opposed the Petition, Apart from what has already been mentioned in the Company Petition, he has further stated, inter alia, as under: (1) Due to non-filing of the Balance Sheets and the Annual Returns from the year 2013-14 and onwards. The ROC issued notices in Form STK-1 dated 17.03.2017 and SKT-1 dated 22.03.2017 which were sent to the Company and its Directors. (2) Since no cause was shown either to the physical notices or to the website, Gazette and newspaper notices either by the Company or its Directors, the Respondent proceeded to strike off the name of the Company from the ROC and published a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he bona fide contentions of Petitioner seeking to restore the name of Company, by taking a lenient view of the issue in the interest of justice and ease of doing business, instead of rigidly interpreting the law on the issue. It is also not in dispute that the instant Company Petition is filed in accordance with law; there are no investigations pending against the Company; the Respondent has not opposed the Petition and has left the issue to the Tribunal to consider the case subject to certain terms and conditions. 8. It has been submitted that the Company is a going concern but was unable to earn revenue year ended 31.03.2019 due to post incorporation, started registration activities, setting-up units and hiring people. But it is hopeful that the Company will bag better deals in coming years. Striking of its name would affect the Petitioner as well as its Directors, Shareholders and employees, creditors and all its customers and also suffer hardship and irreparable loss. The Company has two properties worth ₹ 21,20,000/- and ₹ 14,50,000/- as per its latest audited balance sheet of FY 2018-19. Since the Properties are in the name of the Company, restoration of the na ..... X X X X Extracts X X X X X X X X Extracts X X X X
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