TMI Blog2018 (11) TMI 1859X X X X Extracts X X X X X X X X Extracts X X X X ..... ess cycle of that industry or dependent on the general economic conditions. Thus, mere lack of operations for two years immediately proceeding the striking off of cannot be the only determining factor and this Tribunal is also required to take into consideration the scope of revival of the operations of the company and consequent revenue generation if same is demonstrated by the company before this Tribunal at the time for seeking its restoration. There being no significant objections raised by the respondent ROC in relation to the restoration of the name of the company and as well as by Income Tax, the name of the company shall be revived/ restored to the register of companies as maintained by the registrar of companies - Application allowed. - Appeal No. 579/252(3)/ND/2018 - - - Dated:- 2-11-2018 - SHRI R. VARADHANRAJAN, MEMBER (JUDICIAL) FOR PETITIONERS: NPS CHAWLA, ADV. AND KARTIKEYA SHARMA, ADV. FOR RESPONDENTS: DR. AMOL SHINDE, DY. ROC-CUM-DY. OL ORDER 1. This appeal has been preferred by the shareholders of M/s Meritline Learners Pvt. Ltd. (Company) aggrieved by the public notice in Form STK-5 published on 31.03.2017 under Section-248 of the Compani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tition/appeal filed by it. 2. Upon notice to the respondent ROC whose action in striking off is sought to be challenged in the above appeal a reply has been filed by the respondent to the effect that due process has been adopted by the ROC in striking off of the name of the company under Section 248 of the Companies Act, 2013 in view of non-compliance with the provisions of Section 159 and 220 of the Companies Act, 1956 and thereafter to Section 92 and 137 of the Act. However, it is also stated that the answering respondent, namely, ROC has no objection if the company is restored on the register of companies under Section 252 of the Act by this Tribunal, however, subject to the company filing its Balance Sheet and Annual Returns for all the pending period along with relevant documents as the case may be as required under the 1956 as well as 2013 Act of the Company. 3. From the records, it is also seen that upon notice to the Income Tax Department, Income Tax department has also filed their observation, wherein it is seen that the observation is restricted to the year 2016 and thereafter as the deponent has stated that the jurisdiction in relation to the company was assumed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ogramme designed to specialise in Maths and Physics. 9. It is also pointed out that pursuant to this agreement during the year 2017-18, the company has shown revenue from operations subsequent to striking off to the extent of ₹ 1,79,200/- and that the company is confident of taking further and enhancing its operations arising out of agreement and that in the circumstances a 'just' ground exists for its revival. 10. It is also pointed out by learned counsel for the petitioners/appellants that Income Tax for the assessment year 2018-19 to the extent of ₹ 6026/- has also been paid as evidenced from the returns filed by the company for the said assessment year. Under Section 252(3) which is reproduced here under: - (3) If a company, or any member or creditor or workman thereof feels aggrieved by the company having its name struck off from the register of companies, the Tribunal on an application made by the Company, member, creditor or workman before the expiry of twenty years from the publication in the Official Gazette of the notice under subsection (5) of Section 248 may, if satisfied that the company was, at the time of its name being struck off, car ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iness cycle of that industry or dependent on the general economic conditions. Thus, mere lack of operations for two years immediately proceeding the striking off of cannot be the only determining factor and this Tribunal is also required to take into consideration the scope of revival of the operations of the company and consequent revenue generation if same is demonstrated by the company before this Tribunal at the time for seeking its restoration. However, it is always attendant with a caveat that while considering the future prospects of the company, the demonstration by the company should be substantial supported by significant documents and evidences and should not be based on a mere plea made in the petition without the same being co-related by any supporting documents. 13. In this case, we find that on 03.04.2017 albeit to the enmasse striking off which the appellants/petitioners represent that they are not aware off, an agreement has been entered into between the society above named and the company for providing the services by the company to the society and the schools run by the society which can contribute significantly to the revenue from the operations of the compan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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