- (1.) The Present Company Application bearing CA. No. 109/252/HDB/2017, is filed by Satya Solutions Private Limited under section 252 of the Companies Act, 2013, read with Rule 87 A of the NCLT Rules, 2016 by inter-alia, seeking the following reliefs: (a) Direct the Respondent to restore the name of the Company in register of Companies under Section 252(3) of the Companies Act, 2013. (b) Direct the Appellant to deliver a copy of the order of this Hon'ble National Company Law Tribunal within thirty days from the date of receipt of the order as required under rule 87A (3) (a) . (c) Direct the Respondent to publish the order of this Hon'ble National Company Law Tribunal in the official Gazette as required under rule 87A (3) (b) . (d) The Hon'ble National Company Law Tribunal may fix costs to be paid to the Registrar of Companies (Respondent) towards the expenses incurred by him. (e) Grant a time of 60 days from the date of restoration to the Company to file the pending Financial Statements and Annual Returns. (f) Any other consequential, incidental or other order(s) as this Hon'ble Tribunal may deem fit.
(2.) Brief facts mentioned in Application: i. The Appellant Company was incorporated in Hyderabad on 28.04.2011 .The Authorized share capital of the Company is Rs. 10,00,000/- (Rupees Ten Lakhs only) divided into 1,00,000/- (One Lakh) equity shares of Rs.10/- (Rupees Ten Only) each. The current issued, subscribed and paid up capital of the company is Rs. 10,00,000/- (Rupees Ten Lakhs only) divided into 1,00,000/- (One Lakh) equity shares of Rs.10/- (Rupees Ten Only) each. ii. The main objects for which the company was incorporated, as given in the Memorandum of Association are as under: To carry on the business of designers, manufacturers, producers, fabricators, assemblers, importers, exporters, buyers, sellers, dealers, stockist. Suppliers, wholesalers, retailers, jobbers, contractors, repairers and hirers of all kinds of electrical and non-electrical home appliances and apparatus such as fans, exhaust fan, cooler fan, fresh air fan, airy fans, kitchen fans, table, ceiling and pedestal fan, heat connector, shearing and knitting machines, pressure cooker, lighting equipment, fans, electric kilowatt, hour meters, switches and motor of all types drill, electric grinders and domestic appliances, air conditioners, refrigerators, Freezers, Dishwashers, Cook tops, Microwave Ovens, room and desert coolers, iron presses, geysers, mixers, toasters, water filters, washing machines and Dryers, carborators and other similar equipment and components thereof. Etc. iii. It is submitted that Appellant Company has filed its Annual Return and Financial Statements till the Financial Year ended 31.03.2014. iv. It is submitted that when the Appellant Company tried to file the Annual Returns and Financial Statements for the Financial Years 2014-2015 and 2015-2016 it is found that the Respondent i.e., Registrar of Companies has strike off the Company. v. It is submitted that the Company was incorporated on 28.04.2011 and the provisions of Section 248 of the Companies Act, 2013 have been notified on 26.12.2016 hence the clause (a) of sub-section (1) of Section 248 shall not apply. It is further submitted that the powers under clause (c) of sub-section (1) of Section 248 can be invoked by the Respondent only when it reasonably believes that the Company is not carrying on business or operation for a period of two immediately preceding financial years. In the present case the Company has filed Financial Statements till the year ended 31.03.2014. The said Financial Statements filed for year ended 31.03.2014 clearly shows that the Company is carrying on the business and operations. vi. It is further submitted that the Company has held its Annual General Meeting for the year ended 31.03.2016 on 30.09.2016 and as per the provisions of Section 92 read with Section 403 of the Companies Act, 2013 the Company is required to file its Annual Return within 60 days from the date of Annual General Meeting without penalty and within further 270 days with penalty. vii. It is submitted that the Respondent has invoked Section 248 of the Companies Act, 2013 and strike off the name of the Company from the Register of Companies before the final date for filing the Financial Statements for the Financial Year ended 31.03.2016 (i.e., 26.07.2017) . viii. It is submitted that the Company is regular in filing the Financial Statements with the Income Tax Department. From the Financial Statement for the year ended 31.03.2016 it is amply clear that revenues from the operations of the Company for the Financial Year ended 31.03.2015 stands at Rs.54,16,74,352/- (Rupees Fifty Four Crores Sixteen Lakhs Seventy Four Thousand Three Hundred and Fifty Two only) and the for the Financial Year ended 31.03.2016 the turnover from the operations of the Company stands at Rs.83,15,12,967/- (Rupees Eighty Three Crores Fifteen Lakhs Twelve Thousand Nine Hundred and Sixty Seven only) . This clearly shows that the Company is carrying on its business and operations. ix. It is submitted that the Company has more than 120 employees and the strike off of the name of the Company from the Register of Companies will not only prejudice the interest of the shareholder and will also prejudice the interest of the employees of the Company. x. The Appellant Company passed Board Resolution dated 18.08.2017 to make an application for restoration of name before Hon'ble National Company Law Tribunal (NCLT) and authorised Director of the Company to take necessary steps in this regard.
(3.) The case was first listed on 09.10.2017, the Ld. Counsel for Appellant Company Mr. P. Anil Mukherjee (For Naresh Kumar Sangam) was heard. The Ld. Counsel for Appellants submitted that they would comply with the objections raised by the Registry and requested time. The case was further posted on 16.10.2017.;