TaxTMI 
TaxTMI 
2021 (1) TMI 5
X X X X Extracts X X X X
X X X X Extracts X X X X
....f the National Company Law Tribunal (Amendment) Rules, 2017, inter-alia seeking the following relief(s) as under: a) To set aside the order of the 2nd Respondent with regard to striking off the name of the company from the register of companies. b) To pass an order for restoration of the name of the 1st Respondent Company in the Register of Companies maintained by the Registrar of Companies, Telangana. c) Direct the Registrar of Companies to place the 1st Respondent Company and all the other persons in the 1st Respondent Company such as shareholders, Directors, Employees and all other related to the Company are in the same position as nearly as may be as if the name of the Company had not been struck off from the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....erments of the case: a. That the 1st Respondent Company was incorporated on 17.11.2014 vide (CIN:U27100TG2014PTC096418) under the Companies Act, 1956/2013 in the state of Telangana as a private limited company and the Company is in the business of trading export and import of metallurgical coke lumps, finds and by products of Metallurgical Coke and Minerals, etc., and allied activities, b. That the Authorised, issued, subscribed and Paid up Share Capital of the 1st Respondent Company is Rs. 10,00,000/- (Rupees Ten Lakhs Only) divided into 1,00,000 (One Lakh) Equity Shares of Rs. 10/- (Rupees Ten only). There are two shareholders holding 50% each and three Directors in the 1st Respondent Company. c. That 1st Respon....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ctors and the promoters on the very product of the 1st Respondent Company. g. That the Directors of the 1st Respondent Company were under the opinion that the Annual Returns and Financial Statement for the year 2017-18 & 2018-19, can be filed with the Registrar of Companies with additional fee as contemplated under Section 92 and 137 read with Section 403 of the Companies Act, 2013, there is no restriction in the MCA portal with regard to belated filing of documents with additional fee. h. The Applicant has filed copies of Income Tax Returns for the Assessment year 2019-20 and a copy of Bank Statement vide A/c. No: 2493201005710, Canara Bank, Jubilee Hills Branch, Hyderabad) from 01.11.2017 to 05.11.2019 and undertook to e....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f accounts maintained by the Company. The 1st Respondent Company has not deposited any extra money during demonetization of Rs. 500/-and Rs. 1000/- notes other than those permitted by the orders and regulations of RBI. j. Reiterating the above, the counsel for the Applicant prayed to allow the instant Application. 3. The Registrar of Companies, Hyderabad who is the 2nd Respondent herein, has filed his report dated 03.03.2020 vide no. ROCH/LEGAL/SEC252/096418/JSPL/JTA(S)/2019, wherein the details of the Company such as date of incorporation, address of the registered office etc., and also the details of the Shareholding Pattern, Capital Structure and history of compliance has been furnished. While submitting the above fa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e financial years 2016-17 and 2017-18, but also filed copy of the statement of Bank account i.e., Canara Bank A/c No. 2493201005710 for the period 01.11.2017 to 05.11.2019. Various entries in this account show day to day transactions with various parties located within and outside Hyderabad. Such transactions do support the contention of the Applicant that it is a functional, going concern. 2. Further, the counsel for the Applicant has also submitted copies of Assets and Liabilities, Revenue figures, profit/loss figures for various years based on the Audited Financial Statements, from which it appears that the 1st Respondent Company has been doing business but failed to file Annual Returns and Income Tax Returns due to reason said in the....