TaxTMI 
TaxTMI 
TaxTMI 
2024 (10) TMI 296
X X X X Extracts X X X X
X X X X Extracts X X X X
....0.219 filed by the Appellant company-M/s Aster Venture Pvt. Ltd. against the Registrar of Companies, Mumbai, seeking to restore the name of the company in the Register of Companies maintained by the Registrar of Companies, Mumbai. 2. Admittedly the company was incorporated on 29.11.2007 under the Companies Act, 1956 as a Private Limited Company, limited by shares with the Registrar of Companies, Mumbai. It was alleged the company had failed to file its Financial Statements and Annual Returns for the Financial Years w.e.f. 31.03.2014 to 31.03.2018, i.e. for five years. 3. On 03.10.2018, the Respondent struck off the name of the company under Section 248(1) of the Companies Act, 2013 for not carrying on any business operations and failure t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nt made in 2008 and the directors undertake to comply with all statutory requirements, including filing of financial statements/returns. 8. It is argued it is just and proper for the appellant company, that the name of the company be restored in the Register of the Companies as maintained by the Registrar of the Companies/Respondent. Heard. 9. In"Sidhi Singh &Anr. V. Registrar of Companies, Delhi &Anr., Company Appeal (AT) No. 49 of 2021"this Tribunal held: "9. We have gone through the records and submissions made by the Learned Counsel for the Appellants and Respondents. The company was struck off on 30.06.2017. As per the report of the Income Tax Department, the company had filed returns up to Assessment Year 2020-21 and the Appellant....
X X X X Extracts X X X X
X X X X Extracts X X X X
....uld result to an irreparable loss and prejudice to the appellant and the fixed assets of company would be a deadlock and would result in wastage of property which is, of course, contrary to the public policy. Admittedly the property is free from all encumbrances. 25. For the reasons aforesaid we find it just and equitable to restore the name of the appellant company to the record of ROC and thus we set aside the impugned order dated 27.05.2022 passed by the Ld. NCLT and direct the ROC, New Delhi to restore the name of the company to the Register of Companies subject to the following compliances : " 10. The relevant portion of the Judgement of this Tribunal dated 08.02.2023, in Comp. App. (AT) No. 165 of 2021, in the matter of 'GRS Pro....
X X X X Extracts X X X X
X X X X Extracts X X X X
....bove discussions and observations we have come to the conclusion that it would be just that the name of the company is directed to be restored........." 12. In the present case the company had filed Audited Accounts till March 2020 copies of which annexed in the Appeal Paper Book. The said company has also filed Income Tax Returns up to Assessment Year 2020-21 as per the report of the concerned Income Tax Officer. The company has substantial assets and liabilities, it owns property and plant and machinery. Since the company has substantial assets and liabilities, it cannot be said that the company does not carry on any business or operations. No prejudice shall be caused to any one if the company is restored. 13. Considering the above....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of one of the Directors of the company showing the reason for not filing of the returns and for nil. operation of the company during the period from 2014 till 2019. Thus we are of the view that no prejudice shall be caused to anyone if the name of the company is restored. The Learned Counsel for the Appellant undertakes that upon restoration, it shall comply with all its statutory compliances/requirements. In view of the above, we find it just and equitable to restore the name of the company in the records of Registrar of Companies. The impugned order dated 14.10.2019 passed by the Ld. NCLT in CP No. 1437/2019 is thus set aside and the name of the said company M/s Aster Venture Pvt. Ltd. is restored in the Register of Companies as maintaine....