TMI Blog2021 (1) TMI 515X X X X Extracts X X X X X X X X Extracts X X X X ..... owever, 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 order striking off the Company was in accordance with law, the Tribunal has to take into consideration the 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 e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... di Chits Private Limited U/s. 252 of the Companies Act, 2013, by inter alia seeking to quash the Order dated 23.10.2019 vide Public Notice No/STK-7/NOTICE/DRIVE III/2019 in so far it strikes off the name of the Company from the Register of Companies and also direct the Respondent to restore the name of the Company in the Register of the Companies, etc. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. Jamakhandi Chits Private Limited ('the Company') was incorporated under the Companies Act, 1956, on 31.03.2011, vide CIN: U65992KA2011PTC057940, as a Private Company limited by Shares with the Registrar of Companies, Bengaluru, Karnataka. Its r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated that the Company has been duly carrying on its business and has been filing all its statutory dues with the concerned authorities. It has been generating revenues from its business operations with revenues at ₹ 3,96,000/- as on 31.03.2019. There are active chit groups with more than 70 chit subscribers who have invested their money in the Company and closure of the Company shall cause hardship and financial loss to the chit subscribers. (4) It is stated that the Company has filed its Financial Statements with the Registrar of Companies, Karnataka till the year ended 31st March 2016 and the Financial statements for the year ended 31st March 2017, 31st March 2018, and 31st March 2019 are pending to be filed with the Registr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll sustain growth and benefit the Company and its stakeholders immensely and the Company shall be able to rewards its stakeholders for keeping faith in its Directors all through these years. (7) The Company has not entered into any transactions/dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated November 8, 2006 of Ministry of Finance during the demonetization period i.e. 08.11.2016 to 30.12.2016 and that it has not received any notice from the Income Tax Authorities pertaining to transactions during the period of demonetization. (8) In the event of revival of the Company and restoration of the name of the Company in the Register maintained by the Respondent, the Company shall file all the statutory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the Petitioner 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. Reiterating the facts as submitted with the Petition, Mr. Kumar Ram, learned Counsel for the Petitioner submitted that the Company is active and non-filing of Annual Returns/Financial Statements in question was neither intentional nor deliberate but it was due to negligence of the professional. Therefore, the Tribunal may consider the matter sympathetically to restore the name of the Company as prayed for, in the interest of justice. 6. It is not in dispute that the Registrar of Companies is conferred with power U/s. 248(3) to strike off the Company, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n and it had a turnover of ₹ 3,96,000/- for the YE 31.03.2019. Striking of its name would affect the business and cause hardship and financial loss to the chit subscribers. 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 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, we are of the considered view that the interest of justice would be met if the name of Company is restored as prayed for, subject to conditions mentioned below. 9. Hence, by exercising the powers conferred upo ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
