TaxTMI 
TaxTMI 
2021 (7) TMI 1177
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....ct, 2013 aggrieved against the order of strike off carried out by the Respondent namely, the Registrar of Companies, Chennai under Section 248 of the Companies Act, 2013. The present Application has been filed by the Applicant seeking thereof to restore the name of the Company in the Register maintained by the Respondent/RoC. 2. The Company viz. M/s. Ferco Shutters & Seating India Private Limited, was incorporated on 30.04.2013, under the provisions of the Companies Act, 1956, bearing CIN: U74999TN2013PTC090850 and having its registered office at Old No. 65, New No. 216, Alwarpet Street, Alwarpet, Chennai -600018. 3. The main object of the Company, as per the Memorandum of Association, is to carry on the business of manufacturing and inst....
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....a Private Limited before the Registrar of Companies, Tamil Nadu during the FY 2-13 - 2014 and the Company has also purchased certain property at Chengalpet Taluk, Kancheepuram District for setting up the manufacturing unit. However, it was submitted that due to extreme regressive retrospective taxation in vogue in India, there was an air of business uncertainty which lingered in the minds of the foreign investors, which dissuaded the foreign partners to invest in a new venture. As a result of the same, all the plants for setting up the manufacturing unit were shelved and the Promoter Director have moved back to Dubai and as such the Director was not in a position to finalize the Accounts for the FY 2013 - 2014. 6. The Learned Counsel for t....
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....sought to direct the Applicant to go for Winding up proceedings under the Companies Act, 2013. 8. Heard the submissions made by the Learned Counsel for the Applicant and also perused the Report of the RoC. The Applicant is seeking restoration of its name in the register as maintained by RoC by relying upon the ground that it is just that the name of the Company should be restored on the Register of Companies as maintained by the Respondent. In order to sustain the said plea, the Applicant has placed the following evidences: i. Financial Statements and Annual Returns for the period from 31.03.2014 ill 31.03.2019; ii. ITR - V Acknowledgment for FY 2018 - 2019 iii. Sale Deed entered into and executed in favour of the Applicant iv. Pro....
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....326 it was held by this Court (Manmohan, J.) that the word "just" would mean that it is fair and prudent from a commercial point of view to restore the company and that the Court has to examine the concept of 'justness" not exclusively from the perspective of a creditor or a member or a debtor, but from the perspective of the society as a whole. 10. Further, it is significant to point out here that while considering an Application under Section 252(3) of the Companies Act, 2013, this Tribunal cannot focus only on the past activities, however, is also required to look into the future prospects of the Company and an upward movement in the business cycle of that industry which would result in the generation of revenue. It is also seen fro....
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....s additional fee/late charges. (iii) That the Restoration of the Company's name is also subject to the payment of cost of Rs. 1,00,000/- (Rupees One Lakh only) through online payment in www.mca.qov.in under miscellaneous fees by mentioning the particulars as "payment of cost for revival of Company". (iv) Till all compliances are made by the Company, the Company shall not alienate or dispose of any of its valuable assets. (v) It is further observed that by virtue of this order of restoration of the name of Company in the register it will not entitle the Directors of the Company whose names in case have been disqualified by virtue of provisions of Section 164 of the Companies Act, 2013 by the Respondent/RoC automatically to be resto....