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Judgment
The above petition is filed by the petitioner Vimon Developers and Communication Pvt. Ltd. against striking off of the name of the company by the Registrar of Companies for non filing of the financial statements and annual returns for the financial year 2012-13 to 2016-17. It is mentioned in the petition that the company is in a very good working condition as on 31st March, 2018. The petitioner states that the financial statements and annual returns of the company have been filed up to financial years 2012-13 to 2016-17 on the Ministry of Corporate Affairs portal as per Ministry of Corporate Affairs Records. It is further pleaded that the interest of its shareholders as well as the other stake holders is involved in the Company and they will be prejudiced if company's name is not restored back. It is further pleaded that if the name of the company is not restored back the petitioner as well as its Directors, other stake holders and Company shall suffer irreparable Joss and hardship and will be highly prejudiced.
Heard the learned counsel appearing for the petitioner and the ROC and perused the record. 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) Comply with all statutory provision of Companies Act, 2013 and file its statutory returns as per the Law prescribed within 30 days of the restoration order being passed.
ii) Company will 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 cost 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 the 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 all statutory provision of Companies Act, 2013 and file its statutory returns as per the Law prescribed within 30 days of the restoration order being passed.
ii) The petitioner company will 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) 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.