- (1.) The Present Company Application/appeal bearing CA.No.162/252/HDB/2017 is filed by the M/s. Sri Visvesvarayya Infrastructures Private Limited, under Section 252 of Companies Act, 2013 r/w 87A of the NLCT(Amendment) Rules, 2016 by seeking following reliefs: a) to direct the Respondent to restore the name of the Applicant Company in register of Companies under section 252(3) of the Companies Act, 2013; b) to direct the Applicant Company 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) to 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) to grant a time of 60 days from the date of restoration to the Applicant Company to file the pending Financial Statement and Annual Returns with consequential reliefs.
(2.) Brief facts of the case, as mentioned in the application, are as follows: a) M/s.Sri Visvesvarayya Infrastructures Private Limited (hereinafter referred to as Company) was incorporated under the Companies Act, 1956 on 27th November, 2009 (C1N:U45209TG2009PTC066019) . b) The main objects of the Company are to organize, undertake, carry on in all respective branches, all or any of the business, contract of builders, earth work masonry and general construction contractors and haulers and among other things to construct, execute, and to acquire by purchase, lease, exchange hire or otherwise lands property of any tenure and to carry on the business of builders, contractors, dealers in and manufacture of prefabricated and pre cast houses, buildings and business of construction, builders, contractors, engineers, real estate owners, colonizers, town planners, surveyors, valuers, appraisers, decorators, and undertaking mining operations, reconnaissance, prospecting, exploration, development and exploitation, etc., Its Authorized Share Capital is Rs. 1,00,000/- divided into 10,000 equity shares of Rs.10/- each and paid-up capital of the Company is Rs.1,00,000/-divided into 10,000 equity shares of Rs.10/-each. c) The Company has filed its annual return and financial statements (Balance sheets) till the Financial years ended 31.03.2014. When the Company tried file Annual returns and financial statements for Financial years 2014-15 and 2015-16, then it came to know that the name of Company was struck off. The powers under Clause (c) of subsection (1) of Section 248 can be invoked by the ROC only when its reasonably believes that the Company is not carrying any business or operation for a period of two immediately preceding financial years. d) The Company 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, and it is required to file its annual returns within 60 days from the date of Annual General Meeting without penalty and within 270 days with penalty and it is required to file its pending annual returns on or before 26.08.2017. e) The Company is filed its financial statements with Income Tax Departments for financial year ended on 31.03.2015, 31.03.2016 & 31.03.2017 which amply show that revenues/turnovers from the operations of the Company for the last three Financial years ended 31.03.2015, 31.03.2016 & 31.03.2017 is Rs.58,64,323/-, Rs.29,19,933/- and Rs.58,41,543/- And it has continuous business operations and it has more than 20 outsourcing employees, who are directly depends on the Company and the strike off of the Company name from the Register of Companies will not only prejudice the interest of the Shareholders and will also prejudice the interest of the employees. f) It is further stated that the Company is 'Class-Ill' contractor a certificate issued by the Government of Andhra Pradesh, Road and Building Department, based on the certificate the Company can bid the contracts upto Rs.100 lacs and also done the Railways projects and R & B Works at Guntur at the time incorporation and at present it is undertakes works from M/s. Megha Engineering & Infrastructures Limited and M/s.Gayathri Projects Limited.
(3.) Heard Mr.P. Vijaya Bhaskar, learned PCS and Mr.V.Siva Ramakrishna, Director of the Applicant Company (Party in person) and Mr. R.C.Misra, Registrar of Companies and have perused all pleadings along with extant provisions of law.;