TMI Blog2021 (9) TMI 273X X X X Extracts X X X X X X X X Extracts X X X X ..... ts financial statements and in the circumstances, it is just that the name of the Company should be restored on the register of RoC as maintained by the Respondent. A perusal of the documents referred, reflects that the appellant has business operations which necessitate restoration of its name in the Register of Companies. The assumption of RoC that the company was not in operation was merely on grounds of non-filing of the Statutory Returns by the appellant company. The Act itself provides for redressal of these defaults - Merely to disallow restoration on grounds of its failure to file annual returns would neither be just nor equitable. As per several decisions of various Courts it should only be in exceptional circumstances that Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the business of Manufacturing, designing, fabricating, refining, treating, processing, buying, selling, importing, exporting and otherwise dealing in all kinds of mosaic tiles, ceramic wares, porcelain earthen wares, stone wares, sanitary wares insulators, fire bricks, fire clay and other minerals and other products similar to and required for the aforesaid products. 3. Learned counsel for the Appellant represents that the Appellant Company has been active since incorporation and has also been maintaining all the requisite documentation, as per the provisions of the Companies Act, 2013. However, the Appellant No. 3, Mr. Lokesh Kumar Garg, the main Director and Member of the Company met with an accident on 06.02.2016 and became 80% ph ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellant has placed before us the following documents: i. True Copies of Financial Statements and Balance Sheet for the Financial Years 2015-16 to 2019-20 with details of cash and cash equivalent of ₹ 73,135/- as on 31.03.2020 and has total expenses for an amount of ₹ 3,47,031/- as on 31.03.2020. ii. True Copies of Income Tax returns for the Financial Years 2019-20 to 2020-21, showing business losses of ₹ 1,69,989/-. iii. Bank account statements of Indian Bank for the period 01.04.2020 to 30.09.2020, showing a balance of Rs. NIL. iv. True copies of GST returns from the Financial Years 2017-18 to 2020-21. 7. The Appellants have filed an affidavit in compliance of order dated 13.04.2021 passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment of any late fee or other charges which are leviable by the Respondent for the late filing of statutory returns. The name of the Appellant Company shall then stand restored in the Register of the RoC, as if the name of the company had not been struck off. 10. The direction for freezing the bank account(s) of the Appellant Company, if on this ground, shall consequently be also set aside immediately to enable the company to carry out its business operation. Compliance of this order for restoration shall be made by the Respondent with all its consequential effects within one week of compliance by the Appellant. 11. The application is disposed of accordingly. 12. Let the copy of the order be served to the parties. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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