AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
2018 (1) TMI 432
X X X X Extracts X X X X
X X X X Extracts X X X X
....Rs. 1,00,000/- divided into 10,000 Equity Shares of Rs. 10/- each. The issued, subscribed and paid up Capital of the Company as on the date of Application is Rs. 1,00,000/- Equity shares of Rs. 10/- each fully paid up, all and there are no different classes of shares. (c) The main objects of the Company in brief, are to act as commission agent for referring and enrolling members into any resorts, clubs, hotels, family parks and other related activities etc. (d) The Applicant Company had commenced operations after incorporation and has been generating revenues since incorporation, and has been doing good business ever since, without any break. The details of the Turnover and profit/loss of the Company since incorporation till the FY 2015-16 are as below: S. No. Financial Year Turn Over in Rs. Net Profit in Rs. 1. 2013-2014 57,77,920/- 4,38,568/- 2. 2014-2015 87,17,784/- 4,72,361/- 3. 2015-2016 98,35,401/- 7,81,312/- On account of non-filing of Annual Accounts and Annual Returns for the Financial Years 2013-2014 to 2015-2016, the Respondent was to presume that the Company has not undertaken any business. The A....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mpanies. 5. He has also relied upon the judgment of the Hon'ble Bombay High Court in the matter of Purushottamdass and Anr. (Bulakidas Mohta Co. P Ltd.) v. Registrar of Companies, Maharashtra [1986] 60 Comp Cas 154 (Bom), by inter- alia stating that; "the object of Section 560(6) of the Companies Act is to give a chance to the Company, its members and creditors to revive the company which has been struck off by the Registrar of Companies, within period of 20 years, and given them an opportunity of carrying on the business only after the company judge is satisfied that such restoration is necessary in the interest of justice." 6. Shri R.C. Mishra, ROC by reiterating the averments made in his report Ref. No. ROCH/LEGAL/SEC 252/087348/SGLPL/STACK/2017 dated 28.12.2017, has further stated that the impugned action was taken strictly in accordance with law, and the allegations made by the applicant are not correct. However, he has submitted that the Tribunal may consider the case of the Company, subject to filing all pending returns namely annual returns, balance sheets with fee and addl. fees as prescribed under the provisions of the Companies Act, 2013. It may also be di....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... company shall be made available for the payment or discharge of all its liabilities and obligations even after the date of the order removing the name of the company from the register of companies. Appeal to Tribunal deals with under Section 252 of the companies' act, which reads as follows: 252 (1) Any person aggrieved by an order of the registrar, notifying a company is dissolved under section 248 May file an appeal to the Tribunal within a period of three years from the date of the order of the Registrar and if the Tribunal is of the opinion that the removal of the name of the company from the Register of companies is not justified in view of the absence of any of the grounds on which the order was passed by the registrar, it may under restoration of the name of the company in the register of the companies; provided that before passing any order under this section that liberal shall give a reasonable opportunity of making representations of being heard to the register, the company and all the persons concerned: Provided further that if the register is satisfied that the name of the company has been struck off from the register of companies either inad....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ontinuously as per the financial statements filed, it has earned profits amounting to Rs. 4,38,568/- (2013-14), Rs. 4,72,361/- (2014-15) and Rs. 7,81,312/- (2015-16). Naturally several people who act as commission agents etc, depend on the Company. Therefore, in the interest of Company and its employees and public employment, the case has to be considered favourably. The people are to be paid their commission for the services rendered. And thus striking off the name of Company would also result in serious repercussions like Debit Freeze accounts of the Company with its Bankers etc. Therefore, a lenient view is required to be taken by the Tribunal in the interest of justice. 9. As per section 252(3) as extracted above, a Company, or any member or creditor workman, if they feel aggrieved by striking off its name can approach the Tribunal by way of application , before expiry of 20 years after date of publication. On being filed an application, the Tribunal can order to restore striking off company on its role, if it is satisfied that the company was, at the time of its name being struck off, carrying on business or in operation or otherwise it is just that name of a company be res....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ny under the Act to carry on any profession, Trade and Business. In the instant case, it is not in dispute that the Company is incorporated in accordance with Act and prima facie to prove that the Applicant Company is following all extant provisions of companies Act in consonance with its Memorandum of Association and Articles of Association of the Company till the impugned violation(s) are noticed. It is not in dispute that Registrar of the Companies is empowered to take the impugned action and only the point here is that he has to strictly comply with provisions as extracted above. A Court/Tribunal cannot interfere with normal activities of business of a Company being carried on in accordance with law unless any serious violation of law committed by a Company. As stated supra, the impugned violations are not so severe so as to take serious view of it. Moreover, the Company has come forward to file all required documents comply in accordance with law along prescribed/additional fee along with fine. It is also relevant to point out here that there is no bar for a Company, which is struck off, can register new company, in accordance with law. 12. As stated supra, the Company is r....