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Judgment
Shyam Babu Gautam, Member Technical
This present Petition has been filed under Section 252 of the Companies Act, 2013 (Act) by Mr. Prem Haresh Bhanushali Shareholder and Director of REIL Infrastructure Private Limited (“Company”) praying for restoration of the company’s name in the Register maintained by the Registrar of Companies, Mumbai (RoC).
The Petitioner submits that the Petitioner company has been incorporated to carry out the following objects:
“1. To carry on the business in or outside India for Construction work and that of Builders, Developers, Contractors, or all kinds of works viz, Road, Bridge, Buildings Industrial/residential/commercial or other Factories….”,
The Petitioner submits that the company was incorporated on 01.04.2011 under the Companies Act, 1956. The Company has failed to file its Financial Statements and Annual Returns since the year 2012-2013.
The Petitioner submits that the default was due to sheer inadvertence. The company has filed the income tax returns. The Petitioner Company has also enclosed copies of Acknowledgement of Income-Tax Returns filed with Income-Tax Authorities for the Assessment Years 2016-2017 and 2017-2018.
The Petitioner submits that once the name of the Company is restored, the Petitioner will undertake to complete all the pending legal compliances including filing of the Financials, Returns with the Registrar of Companies
The Petitioners submits that the Company was incorporated with Authorized share Capital of Rs. 10,00,000/- (Rupees Ten Lakh Only) divided into 1,00,000 (One Lakh) number of equity shares of Rs. 10/-(Rupees Ten each) and the Issued, Subscribed & Paid-Up share capital of the Company is Rs. 1,00,000/- (Rupees One Lakh Only) divided into 10,000 (Ten Thousand) number of equity shares of Rs. 10/- (Rupees Ten each).
The Applicant submits that ROC had issued Public Notice in Form STK-5 dated 03.10.2018. Thereafter, vide notice dated 14.12.2018 in Form STK -7 the name of the company was struck off from the Register of Companies.
The Respondent vide Order dated 31.03.2022 was directed to file its compliance report. However, the ROC has chosen not to comply with the said Order. In the above facts and circumstances, we are constrained to proceed with the matter in hand on merits.
Upon perusal of the audited accounts submitted by the Petitioner Company, the Bench observed that the Company has Fixed Assets of Rs. 13,69,411/- and Trade receivable of Rs.43,64,038/-, and Short terms loans and advances of Rs.1,29,75,640 /- for year ended 31.03.2017 and the Company has Fixed Assets of Rs.15,94,398/- and Trade receivable of Rs. 55,000/-, and Short terms loans and advances of Rs.1,26,60,500 /-, for year ended 31.03.2016.
As observed above, books of the Petitioner Company reflect that the company is in operation and Members intend to continue its business operations of the company. Therefore, it seems to be just and equitable and deserves to restore the name of the company in the Statutory Register of Companies maintained by the Respondent Registrar of Companies.
Given the above facts and circumstances, we are satisfied that the prayer sought by the Petitioner company deserves to be allowed.
Hence, it is allowed with following direction and condition to be complied by the appellant.
ORDER
Company Application CP No. 74/252/MB/C-I/2022 filed by Mr. Prem Haresh Bhanushali Director and Shareholder of REIL Infrastructure Private Limited, seeking restoration of the company’s name in the Register of the Companies maintained by the Registrar of Companies, Mumbai is allowed. The Respondent is directed to restore the name of the Petitioner company in the Register of Companies subject to payment of a sum of Rs.2,50,000/- (Rupees Two Lakh Fifty Thousand only) as cost payable in the account of “BHARAT-KOSH” Fund within thirty days from the date of receipt of copy of this order.
The company shall file all its pending financial statements and Annual Returns with all the applicable fees and late fees with the Respondent within a period of thirty days from the date of receipt of copy of this order, failing which, this order will stand vacated automatically.
With the aforesaid observation the present company appeal is allowed and accordingly CP No. 74/252/MB/C-I/2022 stands disposed of.
IA 84 of 2022
IA 84 of 2022 was filed by the Petitioner seeking urgent hearing of the captioned Company Petition. Hence, in view of the above Order in CP No. 74/252/MB/C-I/2022, IA No. 84 of 2022 stands disposed of.