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Judgment
This Appeal has been filed by Director of the Company named 'Progfin Technologies Private Limited' (the Company) invoking the provisions of Section 252 of the Companies Act, 2013 (the Act) for restoration of the name of the Company in the Register maintained by the Registrar of Companies (RoC).
As per the averments, by Progfin Technologies Private Limited bearing CIN No. U72300DL2009PTC19390 is incorporate on 03.09.2009 having its registered office at 80/28, Malviya Nagar, New Delhi, within the jurisdiction of this Tribunal. The main objects of the company were Engaged in the business of consultancy in the field of information technology.
It is submitted by the appellant that a sweeping action was initiated by the ROC at the instance of MCA in striking of the names of several Companies who had failed to file their Statutory Returns. The appellant had not filed its Annual Returns and balance sheet since 31.03.2016, thereby giving rise to the surmise that the business of the company was not in operation. Consequently, its name was struck off by the Respondent from the Register of Companies under Section 248 of the Companies Act, 2013, upon taking steps in accordance with law and issuing a notification in the Official Gazette. The names of the effected companies were posted on its website.
The appellant has submitted that they could not file the balance sheet and annual return since 2016 along with relevant documents with the ROC. The appellant has further submitted that non-Compliance in filings of financial statements with registrar of Companies were because of lack of proper professional guidance, oversight and inadvertent reasons.
In order to sustain the plea for restoration, the petitioner has placed before us the following documents:
i. Copies of duly Audited Financial Statement for the financial year 2016-17 to2017-18.
ii. Copy of Bank Statement from Nainital Bank Limited from 01-2015 to 16-10-2020 which shows substantial day to day transaction.
iii. Copies of Acknowledgment of filing IT returns from F.Y. 2016-17 to 2018-19.
iv. The Copy of form 16 showing TDS deducted by the Petitioner Company of Employees.
It is pertinent to mention here that as per the balance sheet Total Revenue during the during FY 2016-17 is Rs 1,629,968/- and for FY 201 7-1 8 is Rs. 2,517,260/-.
RoC, in its reply dated 05.09.2019 has not raised any objection for restoration of the name of the Company. Ld. Counsel for IT Department has put his appearance virtually on 08.01.2021 and has not raised any objection during hearing.
In view of the fact that the Company has prepared audited financial statements for the upto 31.03.2018 and has filed its ITR for the F.Y.2018-19, the company is a going. The appeal to restore the name of the Company to the Register of RoC is allowed u/s 252 subject to payment of costs of Rs 50,000 to the Prime Minister Relief Fund. Accordingly, the order of RoC dated 08.08.2018 to strike off the name of the Company from the Register is hereby set aside. The restoration of the name of the Company in the Register will be subject to the Company's 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. The name of the Company shall then stand restored in the Register of RoC as if the name had not been struck off.
The direction for freezing the Bank Account(s) of the Company, if on this ground, shall consequently be also set aside immediately to enable the Company to carry out its business operation. Compliance of this order for restoration shall be made by the RoC with all the consequential effects within one week of compliance by the Company.
Let the copy of the order be served to the parties.