Prajakta Properties Private Limited vs Registrar Of Companies, Maharashtra Mumbai

This Company Petition is filed byPrajakta Properties Private Limited [CIN: U70100MH2005PTC154551],represented by its

DirectorMr.JankiramVyevahare Kalu[DIN: 07367466], under section 252(3) of the Companies Act, 2013 praying for restoration ofthe name of the

company to the Register of Companies maintained by the Registrar of Companies, Mumbai.

The Petitioner submits that the company was incorporated on 06.07.2005 under the Companies Act, 1956 as a private company limited by shares

with the Registrar of Companies, Maharashtra, Mumbai. Its CIN is U70100MH2005PTC154551. The Petitioner company has been incorporated to

carry on the following objects:

“To carry on the business, agency, distributorship, marketing and manufacturer’s representatives both Indian and foreign, and to

appoint sub agents or other agents in any part of India or outside India for the sale of its own manufactured products and similar

products.â€​

The grievance of the Petitioner Company is that the Respondent Registrar of Companies, Maharashtra, Mumbai struck off the name of the

Petitioner Company from the Register of Companies maintained by them by issuing notice in Form STK-1 and STK-5 dated07.09.2019 under section

248(4)(1) for removal of the name of the Company from the Register of Companies under section 248(1) of the Companies Act, 2013 and rule 3 of

the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 due to defaults in statutory compliances, namely,

failure to file Financial Statements and Annual Returns 2005-06 to 2018-19and for not carrying on any business or operation for a period of

immediately preceding two years and neither made any application within such period for obtaining the status of „Dormant Company‟ under section

455 of the Companies Act, 2013.

Consequently, the Respondent ROC initiated the process under section 248(5) of the Companies Act, 2013 by issuing Public Notice in Form STK-7

Public Notice dated 08.11.2019 and informed the Petitioner Company that the name of the Company has been struck off from the Register of

Companies and the Company has been dissolved.

The Petitioner Company further submits that due to striking off the name of the Petitioner Company, the Director Identification Numbers (DIN) of

the directors of the Company have been deactivated.

The Petitioner Company submits that the Company has been functioning since its incorporation. The Petitioner Companyfurther submits that the

Company has failed to file its Financial Statements and Annual Returns for FinancialYear2005-06 to 2018-19due to inadvertence.

The Petitioner Company has enclosed the Audited Accounts for the Financial years 2005-06 to 2018-19. The Petitioner Company has also enclosed

copies of the Acknowledgement of Income-Tax Returns filed with the Income-Tax Authorities for the Assessment Years 2010-11, 2011-12, 2012-13,

2013-14, 2014-15, 2015-16, 2016- 17, 2017-18, 2018-19 and2019-20.

On perusal of the report of the Respondent, it appears that the name of the company was struck off due to failure on the part of the company to file

the statutory documents for Financial Year 2005-06 to 2018-19, and also for not carrying on the business.

Upon perusal of the Financial Statements of the Company, it is observed that the Petitioner Company has generatedtotal Revenue to the tune of

Rs.23,42,446.30, incurred Total Expenses of Rs.7,24,099.18, hastotal Non-CurrentAssets of Rs.1,73,27,185.46and total Current Assets of

Rs.32,79,238.09 for F.Y. 2017-18. Further, the Petitioner Company has generated total Revenue to the tune of Rs.26,74,309.30, incurred Total

Expenses of Rs.7,29,735.00, has total Non-CurrentAssets of Rs.1,67,56,049.46 and total Current Assets of Rs.50,51,931.42 for F.Y. 2018-19. Further,

it is also observed that the Petitioner Company has Long-Term Borrowings of Rs.17,50,000.00 for F.Y. 2017-18 and 2018-19.

On hearing the submissions of the Learned Authorised Representative appearing on behalf of Petitioner andon perusal of the Report of Registrar

of Companies, Maharashtra, Mumbai,theAudited Accounts submitted by the Petitioner Company and other documents placed on record,the Bench

observes thatthe Petitioner Company hasgenerated Revenues from operations,Non- Current Assets, Current Assets& Long-Term Borrowings inits

Books of Accounts.Therefore, it would be just, equitable and in the interest of justice to provide an opportunity to the company to rectify its defaults

and continue the business.

Given the above facts and circumstances, we are satisfied that the prayer sought by the Petitioner company deserves to be allowed.

Accordingly,Company Petition bearing CPNo.1294/252(3)/MB- IV/2020filed by the Petitioner,Prajakta Properties Private Limited[CIN:

U70100MH2005PTC154551], represented by its Director Mr. JankiramVyevahare Kalu [DIN: 07367466], under section 252(3) of the Companies

Act, 2013, seeking restoration of the Company‟s name in the Register of Companies maintained by the Registrar of Companies, Maharashtra,

Mumbai is allowed on thefollowing terms:-

(a) The Respondent Registrar of Companies, Maharashtra, Mumbai, is directed to restore the name of the Petitioner Company,viz., Prajakta

Properties Private Limited [CIN: U70100MH2005PTC154551]to the Register of Companies subject to payment of a sum of Rs.1,30,000/- (Rupees

one lakh thirty thousand only)as cost payable to the account of “Pay and Accounts Officer, Ministry of Corporate Affairs, Mumbaiâ€‟ within thirty

days from the date of receipt of a copy of this Order; and

(b) Upon such restoration, the Petitioner Companyshall file all its pending financial statements and Annual Returns with all the applicable fees and late

fees with the Respondent Registrar of Companies within thirty days from the date on which the name of the Company is restored to the Register;

failing which, this order will stand vacated automatically.

Upon restoration of the name of the Petitioner Company to the Register of Companies after complying with the terms mentioned above, the

Registrar of Companies, Maharashtra, Mumbai, shall issue appropriate communications to the bank authorities for defreezing the accounts of the

Petitioner Company.