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Judgment
This appeal is filed by the company, M/s Logic Tree Private Limited (for brevity the 'Company'), through its Director, Mr. Mr. Om Prakash, under
Section 252(1) of the Companies Act, 2013 (for brevity 'the Act') against the order of striking off the name of the company passed by the respondent
under section 248 ( 1) of the Act read with Rule 7 of Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016
published on 30.06.2017 vide notification no. ROC-DEL/ 248(5)/ STK-7/2879 by Registrar of Companies, the respondent herein.
The company is incorporated as a Private Limited Company under the provision of Companies Act, 1956 with the Registrar of Companies, NCT of
Delhi and Haryana on 08.06.2012 having CIN U72900DL2012PTC237198.
The company is having registered office at C-705, Gali No.11, Pushta-II, Sonia Vihar, New Delhi-110094.
Authorized share capital of the Company is Rs. 1,00,000/- divided into 10,000 equity shares of Rs.10/- each and issued, subscribed and paid up
share capital of the Company is Rs.1,00,000/- divided into 10,000 equity shares of Rs.10/- each.
The main objects of the company are:
i. To carry on and engage in the business for information technology development, software development and to run and operate computer hardware
and software training institute.
And other main objects.
As per the notice of non- compliance of provisions of the Companies Act, 2013 in respect to filing of annual returns and financial statements since
incorporation, the name of the company was struck off in terms of provision of Section 248(1) of the Companies Act, 2013 read with Rule 7 and Rule
9 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016.
The Appellant has submitted that the company was in operation and the business activities were carried out by the company during the period of
striking off but the Annual Returns and Financial Statements had not been filed with Registrar of Companies due to inadvertence on part of the
management.
The appellant has further contended that the Registrar of Companies did not comply with the provisions of the Companies Act, 2013 before passing
the Order under Section 248(5) of the Companies Act, 2013 and further pleaded that the name of the company should be restored as there is property
in the name of the company which has to be taken care of by the company.
The Appellant has brought forward the following facts about it being in operation and functional during the period of striking off:
i. The copy of Bank Statement of company of Bank of Baroda, from 01.04.2016 to 31.07.2017, reflecting various transactions done by the company
during the period of striking off.
ii. The copies of financial statements of the company for the financial years from ending on 31.03.2015 to 31.03.2017. The Balance Sheet as on
31.03.2017 reflects fixed assets of Rs. 91,472/- and Profit of the company is of Rs. 78,963/-
iii. The company has incurred employee benefit expense of Rs. 16,45,784/- for the financial year ending on 31.03.2017.
iv. The copies of Income Tax Returns filed for the assessment years 2015-16 to 2016-17. The tax paid for assessment year 2016-17 is Rs. 1,12,606/-
v. The copies of Service Tax Return in form ST-3 filed for the Financial Years 2015 to 2017 and also for the period April 2017 to June 2017.
vi. The copy of GST registration certificate having GSTIN 07AACCL2826Q1Z4 issued on 26.06.2017
vii. The copy of list of fifteen employees along with their affidavits about presently working with the company.
viii. The copy of lease deed, dated 24.12.2013, of the company, as lessee, of the premise at A-13 Mohan Park Laxmi Nagar, Delhi having lease rental
of Rs. 1,16,000/.- which is reflected Profit and Loss Accounts up to the year 2017.
It is further submitted by the Appellants that the failure to file financial statements and annual returns with the Registrar of Companies, NCT of
Delhi and Haryana was due to inadvertence on part of the management and due to lack of professional guidance and as such there was no wilful or
mala-fide motive behind non-filing of the Financial Statements and Annual returns.
The Registrar of Companies has stated that it has no objection if the name of the Company is restored on proving by the Company that it was
carrying on business or was in operation and the Company be also directed to file financial statements up to date with appropriate filing and additional
fees.
The Income Tax Department has submitted in its report that there is no outstanding demand against the Company and has no objection if the
company is considered for revival.
The Section 252(3) contemplates that one of the three conditions are required to be satisfied before exercising jurisdiction to restore company to its
original name on the register of the Registrar of Companies namely:
i. That the company at the time of its name was struck off was carrying on business.
ii. Or it was in operation
iii. Or it is otherwise just that the name of the company be restored on the register.
The Appellant have submitted sufficient evidence that it has been in operation since incorporation and therefore could not be termed as defunct
company. Thus, taking into consideration the provisions of Section 252(3) of the Companies Act, 2013 which vests this Tribunal with a discretion
where the Company whose name has been struck off and such Company is able to demonstrate that there is a running business as on the date when
the name was struck off and also keeping in consideration that it is just to do so can restore the name of the Company in the Register and in the
interest of all stakeholders including the Appellant itself who seeks restoration of the name of the Company in the register maintained by Registrar of
Companies, the company deserved to be restored.
Accordingly, this appeal is allowed. The Public Notice of Registrar of Companies striking the name of the company is set aside. The restoration of
the company's name to the Register of Registrar of Companies is ordered subject to its filing of all outstanding documents with proper filing fees along
with additional fees required under law and completion of all formalities, including payment of any late fee or any other charges which are leviable by
the respondent for the late filing of statutory returns, and also subject to payment of cost of Rs. 25,000/- to be paid to Prime Minister's Relief Fund.
The name of the Appellant Company shall then, as a consequence, stand restored to the Register of the Registrar of Companies, as if the name of the
company had not been struck off in accordance with Section 248(1) of the Companies Act, 2013.
The appeal is disposed of in terms of above order.
Let the copy of the order be served to the parties.