2021 (1) TMI 513

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...., on the Register maintained by the Registrar of Companies, Karnataka; to pass direction to ROC to remove disqualification of the Directors of the Company etc. 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. VR Eco Systems Pvt. Ltd., (referred to as the Company) was incorporated under the Companies Act, 2013, on 03.11.2014, vide CIN: U74900KA2014PTC077040, as a Private Company Limited by Shares with the Registrar of Companies, Bengaluru, Karnataka. Its Authorized share capital is Rs. 1,00,000/-(Rupees One Lakh Only) divided into 10,000 (Ten Thousand) equity shares of Rs. 10/-(Rupees Ten) each and the Paid Up Equity Share Capital of the Company is Rs. ....

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....done in time. After receiving the Notice sent by the ROC, the Management intimated the notice information to the professional however, due to urgency over filing annual forms, the professional forgot to prepare the response to the notice within 30 days of receipt, and no filings were done from the year 2016 to 2018 at the time of receipt of notice. The Present Petition is within the limitation period stipulated by Section 252(3) of the Companies Act, 2013 i.e. 20 years. Unless the present Application/Petition is allowed and the name of the Company is not restored on the Register of Companies maintained by the Registrar of Companies, the Petitioner as well as its shareholders shall suffer irreparable loss and hardship, and will be highly pre....

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.... Act, 2013, and the Rules made thereunder. 5. Reiterating the facts as submitted with the Petition, Mr. Narasimha Pai P., learned PCS for the Applicant/Petitioner submitted that the Company is active and non-filing of Annual Returns/Financial Statements in question was neither intentional nor deliberate but it was due to negligence of the professional who had been entrusted with the job of complying with the statutory requirements. 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(1) to strike off the Company, if the Company has failed to commence its business ....

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....rejudice would be caused to any party if the Company's name is restored, as prayed. The Member of the Company has undertaken that post restoration of the Company in the books of 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, however, subject to conditions mentioned below. 7. Hence, by exercising the powers conferred upon this Tribunal, U/s. 252 (3) of the Companies Act, 2013, and following the principle of ease of doing business, C.P. No. 55/BB/2020 is hereby disposed of with the following directions:....