TaxTMI 
TaxTMI 
2020 (9) TMI 900
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.... of the restoration of the name of the Company with the Register of Companies. 3. It is averred in the Application that the Company was incorporated on 14.12.2000 under the provisions of the Companies Act, 1956, having its Corporate Identity Number (CIN) U67200TN2000PTC046292 in the State of Tamil Nadu. The Registered Office of the Company is situated at MOH Buildings, III Floor, No. 576, Anna Salai, Chennai - 600 006. The Authorized Share Capital of the Company is Rs. 5,00,000/- and the Paid-up Share Capital of the Company is Rs. 1,16,000/-. 4. Ld. Counsel for the Applicant has submitted that the Applicant Company was running an institute, approved by and affiliated and accredited to the Insurance Regulatory Development Authority (IRDA). The main object of the Company as contained in the Memorandum of Association inter-alia includes "to promote, develop education activities in all spheres of human life, to start Institute, College, School and Academy for imparting training, knowledge, professional, etc". 5. Ld. Counsel for the Applicant submitted that one M/s. Reliance Life Insurance Company (hereinafter referred to as "the Insurance Company") approached the Company for the pur....
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....t in the court. It is averred in the Application that the Insurance Company has complied with the said Order and has deposited a sum of Rs. 81,34,006/- to the credit of the Appeal. Ld. Counsel for the Applicant submitted that the knowledge of the striking off the name of the Company has come to the notice of the Applicant only when the modification application was filed by the Insurance Company before the Hon'ble High Court at Madras. 9. Ld. Counsel for the Applicant submitted that the RoC/Respondent had issued a notice for striking off the name of the Company in Form STK-5 on 10.07.2017 and caused publication on 22.07.2017 in the Official Gazette and thereafter Form STK-7 on 08.11.2017 which was also uploaded on the official website of the Ministry of Corporate Affairs. It is the contention of the Ld. Counsel for the Applicant that the RoC/Respondent before striking off the name of the Company ought to have issued notice to its Directors and Company, however, on the contrary it has also been stated that the Applicant is not aware that whether the RoC/Respondent has issued any such notice as required under Section 248 of the Companies Act, 2013. 10. Upon the notice being issu....
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.... relied on a judgment of the Hon'ble High Court of Gauhati in Felpact Private Limited and Ors. Vs. The Registrar of Companies and Ors., the relevant part of which is quoted below: 9. In the present case in hand, as mentioned hereinbefore, the petitioner No. 1 Company is the owner of land ad-measuring 10 bigha-4 kathas-19 lechas at Bongaigaon District. Hence, this appears to be a fit case wherein this Court may take judicial notice of the ever rising market value of land. In this regard, I find support from the case of Rattan Arya V. State of Tamil Nadu, AIR 1986 SC 1444 : (1986) 3 SCC 385. The ownership of such a big estate is indicative of the fact that if there is no owner of any land, there is every likelihood of the said land will waste away by encroachment or otherwise or it will become a den for anti-social activities. Fraudulent sale of land in our Country is not uncommon, which would be revealed from the perusal of innumerable case reports where land involved in the suit or proceeding was illegally and fraudulently transferred. 14. In so far as the judgment of Siddhant Garg (supra), cited by the learned Counsel for the respondent is concerned. I'm afraid that pa....
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....matter of M.A. Panjwani -vs- Registrar of Companies & Ors. 2015 192 CompCas 380 (Delhi) is as follows:- "16. In Helen C. Rebella vs. Maharashtra S.R.T.C. (1999) 1 SCC 90, it was observed by the Supreme Court that the word "just" denotes equitability, fairness and reasonableness having a large peripheral field. In understanding its scope, one must take into account all the facts and circumstances of the case and then decide what would be just and equitable. In M.A. Rahim and Anr. vs. Sayari Bai: (AIR 1973 Mad. 83) it was held by a Division Bench of the Madras High Court that the word "just" connotes reasonableness and something conforming to rectitude and justice, something equitable and fair. In Sidhant Garg and Anr. vs. Registrar of Companies & Ors.: (2012) 171 Comp.Cas. 326 it was held by this Court (Manmohan, J.) that the word "just" would mean that it is fair and prudent from a commercial point of view to restore the company and that the Court has to examine the concept of 'justness" not exclusively from the perspective of a creditor or a member or a debtor, but from the perspective of the society as a whole. The special facts of the present case attract this principle. T....
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....f Section 252 of the Companies Act, 2013. 16. Thus, in view of the precedents cited by the Ld. Counsel for the Applicant, it is just for this Tribunal to restore the name of the Company to the Register of Companies maintained by the RoC/Respondent. However, it may be seen that the Company has not filed its Annual Return and Balance Sheet with the RoC/Respondent from the year 2003 to till date. Under the circumstances, the Company is required to be imposed an exemplary cost in a sum of Rs. 50,000/- (Rupees Fifty Thousand Only) payable to the "The Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (the PM CARES Fund)" and further the Application is allowed subject to the following terms and conditions:- 17. The Company shall:- (i) Within a period of 15 days from the restoration of the Company's name in the register being maintained by the RoC/Respondent, the Applicant will ensure that the Company files inter-alia, its annual returns and balance sheets as well as make other compliances statutorily required to be made under the Companies Act, 2013 for the period from which there has been default with requisite charges/fees as well as additional fee/....