Parneet Electronics Pvt. Ltd. vs Registrar Of Companies

The erstwhile director of Parneet Electronics Private Limited bearing CIN NO: U321109DL2004PTC124809 has filed the present appeal, invoking

the provision of section 252 of the Companies Act, 2013 for restoration of returns upto the financial years ending 31.03.2013. However due to the

negligence on the part of company personnel appellant could not file the same afterwards. In order to sustain the plea for restoration, the petitioner

have placed before us the following documents:

i. Copies of Auditor Report and balance sheet for the financial years 2013-14, 2014-15, 2015-16 and 2016-17.

ii. Copy of Bank Statement from 27.11.2010 to 19.03.2018.

iii. Copy of Income Tax Return for the financial years 2013-14, 2014-15, 2015-16 and 2016-17

The Income Tax department has submitted its report dated 02.05.2018 in which they have submitted that the company is live and is filing its Return

of Income Tax regularly as on date and is holding a valid Pan No. AADCP3187H. There is also pending demand of Rs. 1,39,660/- for A.Y. 2008-09

and Rs. 13,62,537/- for A.Y 2010-011. Thus, the Income Tax Department has ""No objection"".

From the balance sheet as on 31.03.2017 it is seen that the company has fixed assets of Rs. 11,57,520/- and also the current assets being trade

receivables, cash and cash equivalents and short-term loan of Rs. 37,13,294/-

The provisions pertaining to restoration of the name of the company have been provided in Section 252 of the Companies Act, 2013 and the same

envisages that if the Tribunal is of the opinion that the removal of the name of the company from the Register of the Companies is not justified in view

of the absence of any of the grounds on which the order was passed by the Registrar, it may order restoration of the name of the company in the

Register of Companies.

On perusal of the documents referred to in paragraph 4 above, a reasonable presumption can be inferred that the company was active before being

struck off from the register.

Accordingly, the petition is allowed subject to payment of costs of Rs. 25,000/- to the Prime Minister Relief Fund. The restoration of the petitioner

company's name in the Register will be subject to their filing all outstanding documents for the defaulting years as required by law and completion of

all formalities, including payment of any late fee or other charges which are leviable by the respondent for the late filing of statutory returns. The name

of the petitioner company shall then stand restored in the Register of the Registrar of Companies, as if its name of the company had not been struck

off in accordance with Section 248(5) of the Companies Act, 2013 with all consequential effects and benefits.

The direction for freezing the Bank Account(s) of the appellant company, if on this ground, shall consequently be also set aside immediately to

enable the company carry out its business operation. Compliance of this order for restoration shall be made by the respondent with all its consequential

effects within one week of compliance by the appellant.

The petition is disposed off accordingly.

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