2021 (1) TMI 719

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....are that Company was incorporated on 26.06.1997 with CIN: U65921MP1997PTC012074 as a Private Limited Company to carry on the business of selling automobiles and other vehicles, Plant & Machinery Tools, Jigs and Fixtures, Office & Household equipment such as computers, televisions, radios, air conditioners, refrigerators and other electrical appliances under hire purchase system. However, Company did not file its Annual Returns and Financial Statements since 31.03.2012 which resulted into belief on the part of Registrar of Company (ROC) that the company was neither carrying on business nor in operation. This belief was further strengthened due to the fact that the company had not taken status of dormant company under Section 455 of the Compa....

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....e exists negative surplus to the tune of Rs. 1.88 Lakhs, the long term borrowings also to the tune of Rs. 14 Lakhs exist apart from this, other current liabilities also exist. Such liabilities are represented by inventories, trade receivables, cash and Bank Balances and loans and advances. In the profit and loss account in the year turnover to the extent of Rs. 1.81 Crores and Rs. 1.01 Crores respectively has been shown. In the background of our facts, we are of the consider view that the name of the company needs to be restored in the Register of Companies maintained by ROC, Gwalior from the date of its striking off. However, for want of plausible explanation for non-compliance of filing of statutory returns, suitable costs need to be impo....