- (1.) M/S. Rahul Rice Mills Pvt. Ltd. has filed an instant Petition under Section 560(6) of the Companies Act, 1956 with a prayer for issuance of direction to the Registrar of the Company to restore the aforesaid Petitioner Company on its Register.
(2.) Brief facts of the case necessary for disposal of the instant Petition are that Rahul Rice Mills Pvt. Ltd. was incorporated as a Private Limited Company with Registrar of Companies, Delhi and Haryana on 25.08.1982 vide CIN U74899DL1982PTC014240 having its registered office at E-186, Greater Kailash, Part-I, New Delhi. The Petitioner had authorised capital of Rs. 2,00,000/- (Rupees Two Lakhs only) divided into 20,000 equity shares of Rs. 10/- each and the paid-up share capital of the Company was Rs. 1,00,000 (Rupees One Lac Only) divided into 10,000 equity share capital of Rs. 10/- each. The main object of the Company was to acquire by purchase, or lease or otherwise establish and run rice mill or mills and to carry on the business of producers and dealers in paddy and rice. The other details are elaborated in the Memorandum and Articles of Association.
(3.) The petitioner has asserted that it had been doing business successfully till the year 2008 when it suffered a setback. The market forces continued to remain uncertain for the Financial Year 2008-2009, 2009-10 and 2010-11. In order to overcome the atmosphere of uncertainty in the business of rice milling, huge investment was required and the Promoter Directors lacked cash liquidity. Therefore, the Board of Directors decided to apply for Fast Track Exit Scheme, 2011 in its meeting held on 22.9.2011.;