Sunarch Retail Investment Advisors Private Limited vs Registrar Of Companies

P. N. Deshmukh, Member (Judicial)

This present Petition has been filed under Section 252(1) of the Companies Act, 2013 (Act) by Sunarch Retail Investment Advisors Private Limited through its Director Mr. Sumegh Arun Deodhar praying for restoring the name of the company in the Register maintained by the Registrar of Companies, Pune (RoC).

The Petitioner submits that the Petitioner company has been incorporated to carry out the following objects:

“To carry on in india or elsewhere the business of financial and investment consultants, advisors, counselors, investigators, surveyors, and to render consultancy and advisory services through its employees, channel partners, business partners, business associates, franchisee, sub-broker network and individual…..”

The Petitioner submits that the company was incorporated on 13.05.2010 under the Companies Act, 1956. The Company has failed to file its Financial Statements and Annual Returns for the Financial Years 2010-11, 2011-12, 2012-13, 2013-14, 2014-15, 2015-16, 2016-17, 2017-18 & 2018-19 i.e. for nine years.

The Petitioner submits that the default was neither intentional nor to evade tax or related activities. The company has filed the income tax returns. The Petitioner Company has also enclosed copies of the Auditor Report and Financial Statements for the Years 2010-11, 2011-12, 2012-13, 2013-14, 2014-15, 2015-16, 2016-17, 2017-18 & 2018-19.

The Petitioner Company 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 the Company is Rs. 5,00,000/- (Rupees Five Lakh Only) divided into 50,000 (Fifty Thousand) number of equity shares of Rs. 10/- (Rupees Ten each) and the Issued, Subscribed & Paid-Up share capital of the Company is Rs.5,00,000/-(Rupees Five Lakh Only) held by Mr. Sumegh Arun Deodhar, Prajakta Sumegh Deodhar and Chhaya Arun Deodhar in 40:20:40.

The Petitioner further submits that said non-filing of the Annual e-forms with the Registrar of Companies was accidental and was due to inadvertence. The Petitioner submits that the Company regularly holds and convenes Annual General Meetings for approval of its Financial Statements as required under the Companies Act, 2013.

The Respondent, Registrar of Companies submitted his Affidavit in reply explaining the following sequence of events leading to the striking of the name of the company:

(a) The Respondent side issued Notice in Form STK-1 to the company and its directors informing the intention of the Registrar to strike off the name of the Company and requesting them to submit a cause contrary to the said action within thirty days.

(b) Further, as required under rule 7 of the Companies (Removal of Name) Rules, the name of the Company was published on the website maintained by the Ministry vide STK-5 dated 27.04.2017.

(c) Respondent further submits that in the absence of any representation against the proposed strike off action, the Registrar struck off the name of the company on 11.07.2017 and the dissolution order was published on the website of the Ministry vide STK-7 on 11.07.2017.

The Petitioner states that the Company is a going concern. It has been searching various avenues for carrying out business operation since its Incorporation. Management sees bright future prospects and various growth avenues for the Company in this sector.

As observed above, that Members intend to continue its business operations of the company. Therefore, It seems to be just and equitable to restore the name of the company deserves 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 Appeal CP No. 1122/252 (1)/MB/C-II/2020 filed by Sunarch Retail Investment Advisors Private Limited through its Director Mr. Sumegh Arun Deodhar, seeking restoration of the company’s name in the Register of the Companies maintained by the Registrar of Companies, Pune 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. 2,25,000/- (Rupees Two Lakh Twenty-Five Thousand only) as cost payable in the account of “BHARAT-KOSH” 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 stands disposed of.