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Judgment
Justice P.N. Deshmukh, Member (Judicial)
This present Petition has been filed under Section 252 of the Companies Act, 2013 (Act) by L&W Super-Tech Metallica Private Limited (“Company”) praying for restoration of the company’s name in the Register maintained by the Registrar of Companies, Mumbai (RoC).
The Petitioner submits that the Petitioner company has been incorporated to carry out the following objects:
“1. To carry on the business as manufacturers, melters, founders, fabricators, machiners, assemblers, crushers, extruders, forgers, rollers, re-rollers, metallurgers in items made of non-ferrous and/or ferrous metals and/or of alloys of various ferrous and/or non-ferrous metals and to act as dealers, buyers, sellers ….”,
The Petitioner submits that the company was incorporated on 23.08.2011 under the Companies Act, 1956. The Company has failed to file its Financial Statements and Annual Returns from the F.Y. 2015-2016 to F.Y. 2020-2021.
The Petitioner submits that the Company could not start the operations of the company due to unfavorable market conditions, hence the promotors dropped the idea to go ahead with the proposed project. The company has filed the income tax returns. The Petitioner Company has also enclosed copies of Acknowledgement of Income-Tax Returns filed with Income-Tax Authorities for the F.Y.2017-2018.
The Petitioner submits that once the name of the Company is restored, the Petitioner will undertake to complete all the pending legal compliances including filing of the Financials, Returns with the Registrar of Companies.
The Petitioner submits that a property that is Land of the company having book value of Rs. 73.80 Lakh in the books of accounts of the Company as on 31.03.2017 has been locked due to the strike off Order passed by the opposite party, the Petitioner is not able to deal with the aforesaid property. Hence, restoration is necessary for the Petitioner company to dispose off the property.
The Petitioners submits that the Company was incorporated with Authorized share Capital of Rs. 5,00,000/- (Rupees Five Lakh Only) divided into 50,000 (Fifty Thousand) number of equity shares of Rs. 10/- (Rupees Ten each) and the Issued, Subscribed & Paid-Up share capital of the Company is Rs. 5,00,000/- (Rupees Five Lakh Only) divided into 50,000 (Fifty Thousand) number of equity shares of Rs. 10/- (Rupees Ten each).
The Applicant submits that ROC had issued Public Notice in Form STK-5 dated 20.08.2018. Thereafter, vide notice dated 18.09.2018 in Form STK -7 the name of the company was struck off from the Register of Companies.
The ROC has filed its report dated 01.03.2022 and same its taken on record.
Upon perusal of the audited accounts submitted by the Petitioner Company, the Bench observed that the Company has Tangible Assets of Rs. 73,80,400/- and Long terms loans and advances of Rs.11,53,859/- for year ended 31.03.2016 and the Company has Tangible Assets of Rs.73,80,400/- and Long terms loans and advances of Rs. 12,51,480/-, for year ended 31.03.2015.
As observed above, books of the Petitioner Company reflect that the company is in operation and Members intend to continue its business operations of the company. Therefore, it seems to be just and equitable and deserves to restore the name of the company in the Statutory Register of Companies maintained by the Respondent Registrar of Companies.
Given the above facts and circumstances, we are satisfied that the prayer sought by the Petitioner company deserves to be allowed. Hence, it is allowed with following direction and condition to be complied by the appellant.
ORDER
Company Application CP No. 13/252/MB/C-I/2022 filed by L&W Super-Tech Metallica Private Limited, seeking restoration of the company’s name in the Register of the Companies maintained by the Registrar of Companies, Pune is allowed. The Respondent is directed to restore the name of the Petitioner company in the Register of Companies subject to payment of a sum of Rs.1,50,000/- (Rupees One Lakh Fifty Thousand only) as cost payable in the account of “BHARAT-KOSH” Fund within thirty days from the date of receipt of copy of this order.
The company shall file all its pending financial statements and Annual Returns with all the applicable fees and late fees with the Respondent within a period of thirty days from the date of receipt of copy of this order, failing which, this order will stand vacated automatically.
With the aforesaid observation the present company appeal is allowed and accordingly CP No. 13/252/MB/C-I/2022 stands disposed of.