2020 (12) TMI 1135

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....Company Petition Respondent Party and after hearing the parties allow the Company Petition directing the Registrar of Companies, Karnataka, Bengaluru Respondent Party to restore the name of the Petitioner Company on the Register of Companies maintained by the Registrar of Companies as if its name had not been struck off from the rolls of the Register. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. Astral Exports Private Limited ('the Company') was incorporated under the Companies Act, 1956, on 11.03.2009, vide CIN: U45200KA2009PTC049325, as a Private Company limited by Shares with the Registrar of Companies, Bengaluru, Karnataka. Its....

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.... time the Company was strike off by the ROC so the Company was not able file the pending Annual Returns. When the balance sheet as at March, 2019 and the Auditor's Report in respect thereof was ready to be filed with the Opposite Party that the fact of non-filing of the returns and other documents with the Opposite Party, as well as the fact that the Petitioner Company's name had been struck off the Register maintained by the Opposite Party, was known to the Petitioner Company. (4) In the event of revival of the Company and restoration of the name of the Company in the Register maintained by the Respondent Party, the Petitioner Company shall file all outstanding statutory documents i.e. the Financial Statement and Annual Re....

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.... perused the pleadings of the Party and extant provisions of the Companies Act, 2013, and the Rules made thereunder. 5. Reiterating the facts as submitted with the Petition, Mr. Prasanna Adiga learned PCA for the Petitioner submitted that the Company is active and non-filing of Annual Returns/Financial Statements in question was neither intentional nor deliberate. Therefore, the Tribunal may consider the matter sympathetically to restore the name of the Company as prayed for, in the interest of justice. 6. It is not in dispute that the Registrar of Companies is conferred with power U/s. 248(3) to strike off the Company, if the Company has failed to commence its business within one year of its incorporation or a Company is not carrying....

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.... well as its shareholders and suffer hardship and irreparable loss. No prejudice would be caused to any party if the Company's name is restored, as prayed. The Members of the Company have undertaken that post restoration of the name of the Company in the Register of the Registrar of Companies, Bangalore, the Company will complete the Annual filings due for the past years and carry on the business in its ordinary course. Therefore, we are of the considered view that the interest of justice would be met if the name of Company is restored as prayed for, subject to conditions mentioned below. 9. Hence, by exercising the powers conferred upon this Tribunal u/s. 252 of the Companies Act, 2013, C.P.No.111/BB/2020 is hereby disposed of with ....