Ch Mohd Sharief Tariq, Member - (1.) Under consideration is CP 42/2016 that has been filed on 10.02.2016 under Section 560 (6) of the Companies Act, 1956 before HonTDle High Court of Madras. After constitution of National Company Law Tribunal, the CP pending before Hon'ble High Court has been transferred to this Bench and renumbered as, TCP/87/560(6) /252/2017. The Applicant Company viz., M/s. Best Hosiery Processing Private Limited having CIN No.U17121TZ1987PTC001929 has its Registered Office at 8(1) , P.S.S. Nagar, Devanagapuram, Tirupur (Dist) , Coimbatore, Tamilnadu-638602. The prayer is made to seek order for restoration of the name of the Applicant Company to the Register of Companies maintained by the concerned Registrar of Companies.
(2.) The Applicant is a private limited company and got incorporated on 12.03.1987 under the Companies Act, 1956. The Authorised Share Capital of the Applicant Company is Rs. 10,00,000/- divided into 10,000 equity shares of Rs.100/- each. The issued, subscribed and paid-up capital is Rs.20,000/- divided into 200 equity shares of Rs.100/- each. The main object of the Applicant Company is to carry on the business of ginning, spinning, weaving, knitting or manufacturing or dealing in cotton staple fibre or other fibrous substances, the preparation, dyeing or colouring of any of the said substances, the manufacture, production and sale of yarn, cloth or hosiery cloth and deal in flax, hemp, jute, wool, cotton silk and other fibrous substance.
(3.) It is submitted that, after incorporation, the Applicant Company was unable to carry on its business activities and stopped all operations due to various reasons, and now, it is taking active steps to revive the operations. The non-filing of the Financial Statements and Annual Returns is neither wilful nor wanton but it was due to inadvertence. It is further averred that the Applicant or its Directors had never received any communication from the Respondent as contemplated under Section 560 of the Companies Act, 1956. Moreover, the Applicant had made an attempt to file the Balance Sheets and Annual Returns for the default years through website, but it was to their shock and surprise, found that the Respondent had already initiated action under Section 560 of the Companies Act, 1956 and consequently the Applicant Company was 'struck off from the Register of Companies on 29.10.2007 and was published in the Official Gazette on 09.11.2007.;