R.R.B. Buildscon Pvt. Ltd. vs Registrar Of Companies, N.E. Region Shillong

The above petition is filed by the petitioner M/s. R.R.B. Buildscon Pvt. Ltd. against striking off of the name of the company by the Registrar of Companies for non-filing of the financial statements for the financial years 31st March, 2014 to 31st March, 2018. It is mentioned in the petition that the petitioner company while checking the Ministry of Corporate Affairs Portal for filing of the returns it came to the knowledge of the company that the status of the company was showing as "strike off". It is further pleaded that the balance sheets and annual returns for the above financial years were prepared in time and approved by the shareholders in the Annual General Meeting and the same were not filed in time. It is further pleaded that the company is carrying on its business operations and it would appear from the financial statements of the company. It is further submitted that the company is losing its legal status for running or dealing with the day to day operations on account of not restoring the name of the company.

Heard the learned counsel appearing for the petitioner and the ROC and perused the records. The ROC has filed its report leaving the matter to the discretion of the Tribunal and subject to giving the following directions to the petitioner company in case this Tribunal is inclined to order restoration of the name of the company.

i) To comply with all statutory provisions of Companies Act, 2013 and file its statutory returns as per the Law prescribed within 60 days of the restoration order being passed.

ii) Company shall not change its existing shareholders and management for a minimum period of 5 years from the date of order however, further shares can be issued to the existing shareholder only and to the legal heirs in case of their death.

iii) To pay the restoration costs of not less than Rs. 5,000/- (Rupees Five Thousand only) payable to the Ministry of Corporate Affairs, Government of India since new company is registered with authorized Capital of Rs. 5,00,000/- (Rupees Five Lakh only) they may have to pay registration fees.

In view of the above report filed by the ROC, we have found that the grievance of the petitioner company is reasonable and genuine and that there are justifiable grounds for ordering restoration of the Petitioner Company and accordingly, prayer of the petitioner company is allowed subject to the following:

i) The petitioner company shall comply with ail statutory provision of Companies Act, 2013 and file its statutory returns as per the Law prescribed within 60 days of the restoration order being passed.

ii) The petitioner company will not change its existing shareholders and management for a minimum period of 3(three) years from the date of order however, further shares can be issued to the existing shareholder only and to the legal heirs in case of their death.

iii) The petitioner shall pay restoration cost of not less than Rs. 5,000/-(Rupees Five Thousand only) payable to the Ministry of Corporate Affairs, Government of India within 30 days from today,

iv) The petitioner company shall file an affidavit in due course affirming that the aforesaid directions are complied with.

The petition, accordingly, stands disposed of.