TMI Blog2022 (6) TMI 171X X X X Extracts X X X X X X X X Extracts X X X X ..... is not possible always to generate the income on year to year basis. It is very much clear that this company applied against the bid of MVDA and it could not succeed. It is also very much clear that this company has given an advance of Rs. 71 lakh to the MVDA as the same is reflected in the Balance Sheet - The ROC is also dissatisfied only on the limited ground that the Appellant company has not filed their Balance Sheet and hence have assumed that they are not doing any business or operation. This power, in any case, always vest with the ROC to take appropriate measures under Section 248, if the RoC has the reasonable cause to believe certain events as enumerated in Section 248 (1) of the Act. The RoC is empowered to review this Company even after few years and they can take appropriate measures in accordance with the provisions of the Act. So far as the present case of the Appellant is concerned, simply, because of the failure to file a Financial Statement and returns that too only of the two years should not result the company into striking off their name. These are small companies, business is erratic. This company is having the share capital hardly Rs.1 lakh as it looks fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any as at 31st March, 2017 duly audited by the Chartered Accountant FRN-01253N for SAGC And Associates Sanjeev Kumar Garg (Partner) M.No.093936. 4. It was also stated by the learned Counsel for the Appellant that they have approached the State Government dated 10th April, 2018 but no response received from the State Government. The Appellant has also stated that as on 31st March, 2017, they have other transaction upto that date (page 81 of the Appeal Paper Book): Sr. Particular Amount (INR) Liabilities 1. Long Term Borrowings 64,62,500/- 2. Advance Against property 7,20,000/- 3. Non-Current Assets - Long Term loans and advances 71,00,000/- 4. Cash cash equivalents 57,137 5. The learned counsel for the Appellant has submitted that the Company is doing business and hence is entitled to get the restoration. They ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erves to be dismissed. 8. The NCLT while passing the impugned order dated 21st December, 2020 has observed at para 5, 6, 8, 10 as depicted below: Para 5 It is averred by the Appellant that it has an ongoing dispute with the Mathura Vrindavan Development Authority. Therefore, it could not file its Annual Returns, Financial Statement and Income Tax Returns with the statutory authorities. Para 6 It is further submitted by the Appellant that it received the order from the Hon ble High Court of Judicature at Allahabad on 04.02.2016, wherein it was stated that the Company is at liberty to approach the State Government under Section 41(3) of the U.P Urban Planning and Development Act, 1973 at the first instance. Para 8- That the Appellant Company has placed on record the copies of the Financial Statements for the period from 2015-16 to 2018-19 and Bank Statements from 05.034.2014 to depict that the Company was in operation. Para 10 After hearing submissions of the Appellant and perusing the documents placed on record by the Appellant, this Bench observes: (i) That the balance Sheets placed on record by the Appellant shows a Revenue of Rs. 23,500 only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... State Government under Section 41(3) of the U.P Urban Planning And Development Act , if he has any grievance in the matter. The Appellant has approached the State Government on 10.04.2018 (as per the oral submission) and has not received any response so far. d) It is quite astonished to observed that the Hon ble High Court of Judicature at Allahabad passed the order on 04th February, 2016 and the Appellant has approached the State Government on 10.04.2018 after the lapsed of two years. This itself seems to be a casual approach of the Appellant. e) The Appellant s Balance Sheet just reflects certain loans and advances and other non-current assets including certain long term borrowings and certain advances for properties as appearing at page 62 of the Appeal paper book and the same is depicted below: f) The only important aspect is the Advance under the heading Non-Current Assets given to MVDA of Rs. 71 lakh appearing in the books up to 31.03.2019 duly audited by Chartered Account D.Mangla Associates FRN 030756N M.No.539744 Darpan Mangla-partner, is a point for consideration, apart from this the State Government is to look into the aspect of refu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company and a declaration to this effect has not been filed within one hundred and eighty days of its incorporation under sub-section (1) of section 10A; or (e) the company is not carrying on any business or operations, as revealed after the physical verification carried out under sub-section (9) of section 12.] he shall send a notice to the company and all the directors of the company, of his intention to remove the name of the company from the register of companies and requesting them to send their representations along with copies of the relevant documents, if any, within a period of thirty days from the date of the notice. (2) Without prejudice to the provisions of sub-section (1), a company may, after extinguishing all its liabilities, by a special resolution or consent of seventy-five per cent. members in terms of paid-up share capital, file an application in the prescribed manner to the Registrar for removing the name of the company from the register of companies on all or any of the grounds specified in sub-section (1) and the Registrar shall, on receipt of such application, cause a public notice to be issued in the prescribed manner: Provided that in the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rounds on which the order was passed by the Registrar, it may order restoration of the name of the company in the register of companies: Provided that before passing any order under this section, the Tribunal shall give a reasonable opportunity of making representations and of being heard to the Registrar, the company and all the persons concerned : Provided further that if the Registrar is satisfied, that the name of the company has been struck off from the register of companies either inadvertently or on the basis of incorrect information furnished by the company or its directors, which requires restoration in the register of companies, he may within a period of three years from the date of passing of the order dissolving the company under section 248, file an application before the Tribunal seeking restoration of name of such company. (2) A copy of the order passed by the Tribunal shall be filed by the company with the Registrar within thirty days from the date of the order and on receipt of the order, the Registrar shall cause the name of the company to be restored in the register of companies and shall issue a fresh certificate of incorporation. (3) If a c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ping in mind the growth of the economy. The Income tax department also did not inform any negative input about the company. Although, they have not submitted their reply in writing but in the oral submissions on specific query, they did not spell out any negative input about the company. The ROC is also dissatisfied only on the limited ground that the Appellant company has not filed their Balance Sheet and hence have assumed that they are not doing any business or operation. This power, in any case, always vest with the ROC to take appropriate measures under Section 248, if the RoC has the reasonable cause to believe certain events as enumerated in Section 248 (1) of the Act. l) The RoC is empowered to review this Company even after few years and they can take appropriate measures in accordance with the provisions of the Act. So far as the present case of the Appellant is concerned, simply, because of the failure to file a Financial Statement and returns that too only of the two years should not result the company into striking off their name. These are small companies, business is erratic. This company is having the share capital hardly Rs.1 lakh as it looks from their Balanc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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