TMI Blog2021 (1) TMI 516X X X X Extracts X X X X X X X X Extracts X X X X ..... od 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 other persons in charge of the management of the Company. Though the impugned striking off the Company was in accordance with law, the Tribunal has to take into consideration of bona fide contentions of Petitioners seeking to restore name of Company, by taking a lenient view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ka, Bengaluru. 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. Wonderful Ventures Private Limited, (which is referred to as Company) was incorporated on 10th June, 2013 under the Companies Act, 1956 vide CIN: U70100KA2013PTC069614, having its registered office situated at 48/A 5th Cross Basavanagar, Bangalore 550037. The main objects of the Company is to purchase, acquire, take on lease or in exchange or in any other lawful manner any area, land, buildings, structures and to turn the same into account, develop the same and dispose of or maintain the same and to build townships etc. (2) The Respondent, due to defaults in statutory compliances, na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Financial Statements/Annual Accounts/Annual Reports for the periods 2013-14, 201-15, 2015-16 2016-17, 2017-18, 2018-19 and the Annual Returns for Financial Years 2014, 2015, 2016, 2017, 2018 2019 to the Accounts Officer of the Company. However, due to inadvertence, the Applicant couldn't file the returns in time. The Company has further averred that the Company has inadvertently not furnished any representations along with the copies of the relevant documents/objections to that notices. (4) It is further stated that the Company intends to continue the business activity/work orders during the forthcoming years. As per sub Section (3) of Section 252 of the Companies Act, 2013, if Company or any member or creditor or workman the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Annual Returns from the date of incorporation. Therefore, an action under Section 248(1) of the Companies Act, 2013 was initiated against the eligible Companies, by issuing notices in Form STK-1 dated 10.03.2017 to the Company and its Directors, wherein, it was inter alia mentioned that the Petitioner Company was not carrying on any business or operations for two immediately preceding financial years nor has filed Application, under Section 455 of the Companies Act, 2013, and that the Respondent proposes to strike off the name of the Company from the Register of Companies as per Section 248 of the Said Act, unless a cause is shown to the contrary within 30 days from the date of receipt of the STK-1 notices. (2) Since no cause was shown e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppened 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame 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 of Registrar of Company, by restoring all consequential action taken by Registrar of Companies, in pursuance to the impugned, which includes restoration of DINs of its Directors if any; (2) 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 on the Register of Companies by the Registrar of Companies; (3) The Company's representative, who has filed the Company Petition, is directed to personally ensure compliance of this order; ..... X X X X Extracts X X X X X X X X Extracts X X X X
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