K. Anantha Padmanabha Swamy, Member - (1.) Under consideration is a Company Petition No. 142/252/2017 filed by the above mentioned Petitioner Company under section 252(1) of the Companies Act, 2013 (hereinafter called as the Act) by virtue of which M/s. Progressive Cybernetics Private Limited, having CIN No: U72200KL2000PTC013904 and its registered office is situated at XV-83 Ilnd Floor, Koyas Tower, P.O Junction Muvattupuzha, Kerala-686661. The prayer is made to seeking a direction to The Registrar of Companies, Kerala (the ROC) to restore the Company in the Register of Companies.
(2.) Brief averments of the Applicant Company is a Private Limited Company and it was incorporated on 28.04.2000 under the Companies Act, 1956. The Authorised Share Capital of the Company is Rs.2,00,000/- divided into 20,000 equity shares of Rs.10/- each and the issued, subscribed & paid up Capital is Rs.2,00,000/- divided into 20,000 equity shares of Rs.10/- each. The main object of the Applicant Company is engaged in the business of software development, internet web design, CAD/CAM consultancy service and design, hardware consultancy, network software design and consultancy and sale including expert of computer software for commercial, technical and personal application including educational software and for the design and development for sale of such software packages etc.
(3.) It has been submitted that the Applicant Company is in the field of developing software applications/ products. In the initial stage of software development, the Applicant Company was not able to generate sufficient income and the applicant company was suffering from serious financial crisis during the financial years starting from 2013 to 2016. It is further stated that the applicant company was carrying on business at the time of strike off and it was handling the project of well-known business groups which is including Cochin International Airport Limited. Moreover, the company is maintaining nearly 50 website domains and is handling AMC of many corporates in India and abroad and there are 11 employees working in the Applicant Company. Thus striking off the company will be a major blow to all the stakeholders. The Applicant Company has not filed its Financial Statements and Annual Returns for three consecutive financial years 2013-2014 to 2016-2017 only due to inadvertence and due to the reasons as mentioned above.;