GANGA TEXTILES LTD Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) THIS is an application filed under Sub-section (4) of Section 18 of the Companies Act, 1956 (hereinafter referred to as "the Act"), by Ganga Textiles Limited (hereinafter referred to as "the company") seeking extension of the time for filing Form 23 up to and inclusive of July 17, 1997, with the Registrar of Companies, Tamil Nadu, Coimbatore, confirming the alteration in the objects clause of the memorandum of association of the company.

(2.) The facts of this case, as stated in the application, are that the company was incorporated on April 1, 1980, with its registered office in Tamil Nadu. The main objects clause in the memorandum of association contained five main objects which empowered the company to carry on the business of manufacturing and dealing in cotton, cotton yarn and other yarns. The company, subsequently, on April 18, 1997, passed a special resolution for addition of one more object to the existing main objects. The resolution along with Form 23 was filed with the Registrar of Companies on July 17, 1997, i.e., after a delay of 60 days. The applicant has submitted that the delay in filing Form 23 was neither wanton nor deliberate. The respondent being the Registrar of Companies, Tamil Nadu, Coimbatore, has advised the applicant to seek extension time under Section 18(4) of the Act from the Company Law Board. Hence, this application.

(3.) ON considering the averments made in the application as well as submissions (oral and written) of the authorised representative for the company, the following issue arises for my consideration :