New Era Times Pvt. Ltd. vs Registrar Of Companies And Ors.

The present appeal is filed by Ms. New Era Times Private Limited (for brevity the 'Company') through its director, under Section 252(3) 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 of

the Act, issued vide bearing No. ROC/DELHI/248(5)/STK-7/4865 dated on 08.08.2018 by Registrar of Companies, the respondent herein.

The Appellant states that, the company was incorporated as a Private Limited Company with the Registrar of Companies, NCT of Delhi and

Haryana under the Companies Act, 1956 on 14.02.2013 with CIN U74900 DL2013 PTC248280, having its registered office at G-1380, Ground Floor,

Chittaranjan Park, New Delhi-110019, within the jurisdiction of this Tribunal.

The Authorized Share Capital of the company is Rs. 1,00,000/- divided into 10,000 equity shares of Rs. 10/- each. The 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, as per the Master Data Annexed. 4. The main

objects of the company are:

(a) To carry on the business of T. V. News and feature agency on a worldwide network having stringers, special correspondents,

cameramen and representatives at different centers in India and abroad and involve, device and formulate and effective medium for news

coverage and to make arrangements with India television and other television systems in other countries for direct telecast of news,

clippings and short films and promote, develop and and establish a news and feature agency utilizing satellites or other mode of media like

inter-net etc and to collaborate with other news and feature agencies in India and abroad for the supply of news, feature, clippings,

photographs, films and recordings.

(b) And other main objects.

The Respondent herein had issued Public notice bearing No. ROC/DELHI/248/STK-5/2018/2912 dated 18.06.2018. Consequently, Appellant's

name was struck off vide notice bearing No. ROC/DELHI/248(5)/STK-7/4865 dated on 08.08.2018 (Company's name appearing at Si. No. 18034)

whereby name of 24280 companies have been struck off w.e.f. 08.08.2018 from the Registrar of Companies. 6. As per the ROC, Appellant had not

filed its Financial Statements and Annual Returns for the Financial Year 2013-14 to 2018-19, thereby giving rise to the surmise that the business of the

company was not in operation. Consequently, the name of the company was struck off in terms of provisions of Section 248 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 brought forward the following documents about it being in operation and functional during the period of striking off:

i. The copies of Audited Financial Statements of the company for the period from F. Y. 2013-14 to 2018-19. The Balance Sheet as on 31.03.2018

reflects Current Assets in form of Tangible Assets of Rs. 1,01,976/- and Cash and cash equivalents of Rs. 28,13,660/-. Revenue from operation Rs.

82,12,878/-.

ii. The copy of Bank Statements of the Company in HDFC Bank Limited for the period 12.09.2019 to 14.10.2019 showing various transaction details

of the company. The copy of Bank Statements of the Company in Punjab National Bank for the period 31.08.2017 to 06.07.2018 showing various

transaction details of the company and reflecting closing credit balance of Rs. 1,74,518.65 as on 06.07.2018. The copy of Bank Statements of the

Company in HDFC Bank Limited for the period 28.02.2018 to 26.12.2018 showing various transaction details of the company and reflecting closing

credit balance of Rs. 10,47,582.42 as on 07.08.2018.

iii. Copies of Income Tax Returns for the Assessment Years 2018-19. The tax paid by the company for A.Y. 2018-19 is Rs. NIL.

iv. Copy of GST Registration Certificate dated 23.06.2018.

v. Copy of letter dated 19.10.2019 issued by HDFC Bank.

ROC has filed its reply on 02.03.2020 and stating that they have no objection if the name of company is restored in the Register of Companies,

subject to appellant filing all its pending statutory documents with the Registrar of Companies till date along with the requisite late filing fee as

prescribed under the Companies Act, 2013.

The Income Tax Department has not filed any reply.

The grounds contemplated under section 252 of Companies Act, 2013, are that the company was carrying on business or was in operation at the

time of striking off its name, and where it appears ""just"" to the Adjudicating Authority that the name of the company is to be restored to the Register

of Companies and the Section 252(1) further contemplates that one of the above three conditions are required to be satisfied before exercising

jurisdiction to restore the company to its original name on the register of the Registrar of Companies.

The Appellant has submitted sufficient evidence that it has been in operation during the period preceding strike off, therefore it could not be termed

as a defunct company as per section 252 of the Act. Thus, taking into consideration the provisions of Section 252(1) 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 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 deserve to be restored.

Accordingly, this appeal is allowed. The Public Notice of Registrar of Companies, striking off the name of the company, is hereby declared illegal

and 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 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 petition stands allowed and disposed of in the above terms.

Let the copy of the order be served to the parties.