TMI Blog2019 (6) TMI 1676X X X X Extracts X X X X X X X X Extracts X X X X ..... unt of Rs.14,888/-for the year ending 31.03.2017, further revenue from Operations Nil, for the financial years 2016-17 as per the documents submitted by the petitioner company. All these Nil figures indicates that the company currently exists only on paper, not carrying on any business or operation which substantiates the criteria as laid down in section 248 of the Companies Act 2013, therefore, the action taken by ROC is justified and the Bench did not feel any ground to interfere with action of striking off the name of the company by ROC. The Bench is also of the considered view that these type of companies only put burden on the system, Government/ROC, by way of record keeping, ensuring compliance by these companies and at times thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 248 (5) of the Companies Act, 2013. 3. As per the averments, the Appellant/Petitioner claims that the petitioner company has been active since incorporation and has also been maintaining all the requisite documentation, as per the provisions of the Companies Act, 2013. 4. The Appellant/Petitioner further submitted that the petitioner company did not receive any show cause notice, nor was it afforded any opportunity of being heard before the aforesaid action was taken by the Opp. Party. It has two Directors namely Mr. Prakash Chablani and Mr. Mohamad Ansari. The shares of the Petitioner are held by two shareholders namely Mr. Prakash Chablani 9500 Equity Shares (95%) and Mr. Mohamad Ansari 500 Equity Shares (5%). The Balance Sheet of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing service of notice on Income Tax Department, Regional Director and ROC and no reply received. 8. Upon analysis of the Balance Sheet, Profit and Loss Account of the Company, it is observed that the company did not generate any Income/Revenue since incorporation. Further it is also noted that Revenue From Operations Nil, other income Nil, Employee Benefit Expenses Nil, Cash and Cash Equivalents is a negligible amount of Rs.14,888/-for the year ending 31.03.2017, further revenue from Operations Nil, for the financial years 2016-17 as per the documents submitted by the petitioner company. All these Nil figures indicates that the company currently exists only on paper, not carrying on any business or operation which substantiates the crite ..... X X X X Extracts X X X X X X X X Extracts X X X X
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