TaxTMI 
TaxTMI 
2020 (12) TMI 707
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.... Rule 87A of the NCLT (Amendment) Rules, 2017, by inter alia seeking to restore the name of the Petitioner Company, namely Vishwa Dhan Investments Private Limited, on the Register of Companies maintained by the Registrar of Companies, Karnataka etc. 2. Brief facts of the case, which are relevant to the issue in question, are as follows: (1) M/s. Vishwa Dhan Investments Private Limited (which is referred to as Company) was incorporated under the Companies Act, 1956 on 06.05.1991 vide CIN: U65993KA1991PTC011945. Its Authorised Share Capital is Rs. 10,00,000/- (Rupees Ten Lakhs Only) divided into 1,00,000 (One Lakhs) Equity Shares of Rs. 10/- (Rupees Ten only) each and Paid-up Share Capital is Rs. 1,00,000/- (Rupees One Lakhs only)....
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....g for the respective years according to the Companies Act, 2013, but due to lack of professional support in the compliances of the Companies Act, the Company was not unable to comply with the filing of the Financial Statements with the Register of Companies since the financial year ending 2005-2006 to 2018-19 and act of the Company and its Directors was not intentional, the non-filing of the returns were due to lack of improper professional guidance and the Directors were unaware of the Compliances as per the Act. (5) The Company holds investment in marketable Equity Shares in difference Companies aggregating to Rs. 1,84,106/- as per the Financial statements for the year ended 31.03.2019, the market value of which is Rs. 15,00,000/....
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....ed Counter by way of Affidavit dated 28.08.2020, wherein, not opposing the main Company Petition, has inter alia stated as follows: (1) In pursuant to the verification of the MCA 21 portal, when action under Section 248(1) of the Companies Act, 2013 was initiated against the eligible Companies, it was seen that the Petitioner Company has not filed Balance Sheets or the Annual Returns for the year 2005 onwards. Therefore, the Respondent had reasonable cause to believe that the Petitioner Company is not carrying on any business or operation and therefore a notice in Form STK-1 dated 10.03.2017 to 25.04.2017 was sent to the Company and its Directors. (2) In the said STK-1 notice that was sent to the Company and to the Directo....
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....of cost and complying with pending statutory returns. 4. Heard Shri Vasanth Kumar, learned PCS for the Applicant/Petitioner, through Video Conference. We have carefully perused the pleadings of the Party and extant provisions of the Companies Act, 2013 and the Rules made thereunder. 5. Shri Vasanth Kumar, learned PCS for the Applicant/Petitioner, while reiterating averments already made in the Petition, as briefly stated supra, has further submitted that the Company is interested to continue its business and the failure to respond to the impugned notices are neither international nor deliberate. He has further submitted that in view of pandemic situation prevailing in the Country, the Tribunal may consider to restore the name of Compa....
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....bject terms and conditions. 7. It is true, while exercising jurisdiction of the Tribunal under the provisions of Companies Act, 2013, the Tribunal has to take into consideration the gravest economic condition prevailing in the Country due to pandemic conditions, while considering the issue especially in imposing costs. Therefore, we are of the considered opinion that interest of justice would be met, if the name of Company is restored as prayed for, however, subject to conditions mentioned below. 8. Hence, by exercising the powers conferred upon this Tribunal, U/s. 252 (3) of the Companies Act, 2013 R/w Rule 87A of the NCLT (Amendment) Rules, 2017 and following the principle of ease of doing business, C.P. No. 122/BB/2020 is hereby di....