AI Drafter 
TaxTMI 
TaxTMI 
2021 (4) TMI 1065
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....from strike off to Active; allow company to file pending balance sheets and annual return forms etc. 2. Brief facts of the case, which are relevant to the issue in question, are as follows: (1) M/s. Priority Wealth Management Private Limited (which is referred to as 'Company') was incorporated under the Companies Act, 1956 on 20.05.2011, bearing CIN No. U74990KA2011PTC058742 and having its registered office situated at 15/2, 2nd Main Road, Maruthi Nagar, Nagarbhavi, Bengaluru - 560 072. The Authorised Share Capital of the Company is Rs. 1,00,000/- divided into 10,000 Equity Shares of Rs. 10/- each and Paid-up Share Capital of Rs. 1,00,000/- divided into 10,000 Equity Shares of Rs. 10/- each. The main objects of the Compa....
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....her the Petitioner Company did not receive any show cause notice, nor was it afforded any opportunity of being heard before the aforesaid action was taken by the Respondent. (6) The Petitioner stated that non-filing of financial statements and the annual returns was a clerical lap, not intentional and also undertakes to file audited financial statements once the Hon'ble restores the status of the Company to 'Active' and will not give any scope to RoC to issue such kind of notices. The details of the assets and liabilities and Income & Expenditure of the Petitioner Company immediate past two FYs 2017-18 & 2018-19 are as under: (7) It is also stated that the Company has filed IT Return for the Assessment Year 202....
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....s not been carrying on any business or operations for two immediately preceding financial years nor has filed Application U/s. 455 of the Companies Act, 2013 and that the Respondent proposes to strike off the name of the Company from the Register of Companies as per Section 248 of the said Act, unless a cause is shown to the contrary within 30 days from the date of receipt of the STK-1 notices. (2) Since no cause was shown either to the physical notices or to the website, Gazette and newspaper notices either by the Company or its Directors, and also since no Balance Sheet or Annual Return was filed by the Petitioner Company till the day on which the list of defaulting Companies were crystallized, the Respondent proceeded to strike ....
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.... the Company is active and non-filing of Annual Returns/Audited Reports in question, was neither intentional nor deliberate as it was happened inadvertently. Therefore, he urged the Tribunal to restore the name of the Company. 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 within one year of its incorporation or a Company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any Application within such period for obtaining the status of a dormant Company U/s. 455. However, Section 248(6) states that the Registrar of Companies, before finally striking o....
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....f ease of doing business, CP. No. 17/BB/2021 is hereby disposed of with the following directions: (1) The Registrar of Companies, Karnataka, the Respondent herein, is directed to restore the name of the Company in the Register maintained by the Registrar of Companies, Karnataka as if its name had not been struck off from the rolls of the Register, with restoration of all other consequential actions taken by the Registrar of Companies; (2) The Company is directed to file all the statutory document(s) along with prescribed fees/additional fee/fine as decided by Registrar of Companies within 30 days from the date of receipt of copy of the Order; (3) The Company's representative, who has filed the Company Petition....