NCLT, Mumbai Bench Directs Petitioner To Pay 2 Lakhs To The "Prime Minister's National Relief Fund" By Way Of Cost Payable [Read Order]

The NCLT, Mumbai bench hearing an appeal filed by Yule Investments Pvt. Ltd. seeking restoration of the company's name in the Register of Company maintained by the RoC, Mumbai, directed the Registrar of Companies, Mumbai to restore the name of the Petitioner company subject to payment of a sum of Rs. 2,00,000/- as cost payable in the account of "Prime Minister's National Relief Fund" within 10 days from the date of receipt of copy of the order. The decision was taken by the RoC, Mumbai in view of requirements u/s 248 (5) of the Companies Act, 2013. The company had failed to file its Statutory Returns (Financial Statements and Annual Return) since 2015 and consequently, the RoC Mumbai Struck Off the name of the company from the Register of Companies. The petitioner submitted that the Company was a 'going on entity' and it had no intention of striking off or closing down its business, however it missed the deadline to respond the RoC within thirty days from date of receipt of Notice. The Petitioner further argued that the Company was operative and intended to complete the pending Annual filing with the ROC. The RoC, Mumbai, explaining its decision, submitted that it had issued an STK-5 public notice dated 19.07.2018, as per section 248(4)(1) of the Companies Act, 2013 read with rule 7 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. In addition to the publication of the name of the company on web site of the Ministry, the name of the company was also published in the Official Gazette and also another public notice was issued in leading English newspaper and a widely circulated vernacular language newspaper (Maharashtra Times– Marathi) on 21.07.2018. However, in absence of any representation against the proposed strike off action, the Registrar finally struck off the name of the company on 11.09.2018 and the dissolution order was published on the website of the Ministry vide STK 7 on 12.09.2018. Upon perusal of the Petitioner Company's submitted documents, the NCLT, Mumbai Bench was satisfied that the company had been carrying on its business operations as per section 248 of the Companies Act, 2013. The Tribunal held that it was "in the interest of justice", for the name of the company to be restored in the Register of Companies "and unless the relief sought is granted to the company, the Company, Member, Employees, Creditors will be put to great hardship." The Bench at Mumbai concluding the hearing directed the RoC, Mumbai to restore the name of the Petitioner Company subject to payment of cost. Further, a time period of 30 days since the receipt of the order, was given to the Petitioner Company to file all the pending Financial Statements and Annual Returns with all the applicable fees and late fees with the RoC. Click here to download the Order

NCLT, Mumbai Bench Directs Petitioner To Pay 2 Lakhs To The "Prime Minister's National Relief Fund" By Way Of Cost Payable [Read Order]

Arunima Bhattacharjee

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