TMI Blog2020 (12) TMI 1088X X X X Extracts X X X X X X X X Extracts X X X X ..... ft the issue to the Tribunal to consider the case subject to terms and conditions. The Company is a going concern and striking of its name would adversely affect the business as well as various stakeholders and employees. Its Directors have lent unsecured loan to the Company and the Company Bank account is seized which is affecting its business operations. No prejudice would be caused to any party if the Company's name is restored, as prayed. The Shareholders of the Company have undertaken to file all the returns, statements and documents that are required under the Companies Act, 2013 within the prescribed time. Therefore, in the interest of justice would be met if the name of Company is restored as prayed for, however, subject to c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,00,000/- (Rupees Sixty Lakh only) divided into 6,50,000 (Six Lakh Fifty Thousand) equity shares of ₹ 10/- (Rupees Ten only) each and the Paid up Capital is ₹ 61,00,000/- (Rupees Sixty One Lakh only) divided into 6,10,000 (Six Lakh Ten Thousand) equity shares of ₹ 10/- (Rupees Ten) each. The main objects of the Company inter alia are to carry on the business of manufacturing and trading in safety products, whether inside or outside India etc. (2) It is stated that the Company after incorporation started the business operations and continues to be operational even till date through the ROC has issued the STK-5 dated 14.08.2019 and further the STK-7 on 23.10.2019 the date on which the name of the Company was struck off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been served on the Company in this regard. 3. The Registrar of Companies, Karnataka, has filed a Counter by way of Affidavit dated 01.09.2020, wherein he has not opposed the Company Petition. Apart from stating the facts of the case, as mentioned in the Petition, he has inter alia further stated as follows: (1) Due to non-filing of the Balance Sheets and the Annual Returns for the Financial Year 2016-2017 and 2017-2018 the ROC issued a notice in Form STK-1 dated 28.06.2019 which was 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 Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 immediately preceding financial years and has not made any Application 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 oth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Companies Act, 2013, and following the principle of ease of doing business, C.P.No.110/BB/2020 is hereby disposed of with the following directions: (a) 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 taken by Registrar of Companies, which includes restoration of DINs of its Directors. (b) The Company is directed to file all the statutory document(s) along with prescribed fees/additional fee/fine as decided by Registrar of Companies within 30 days from the date on which its name is restored ..... X X X X Extracts X X X X X X X X Extracts X X X X
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