Rock Steel Pvt Ltd vs Registrar Of Companies
2012 Latest Caselaw 5044 Del

$~16
*    IN THE HIGH COURT OF DELHI AT NEW DELHI

%                           Date of Judgment:27.8.2012

+                  CO.PET. 210/2012


      ROCK STEEL PVT LTD                       ..... Petitioner
                   Through:           Ms.Anju Jain, Advocate.

                   versus


      REGISTRAR OF COMPANIES                 ..... Respondent
                    Through: Mr.K.S.Pradhan, Deputy
                             Registrar of Companies on behalf
                             of Regional Director (NR)


      CORAM:
      HON'BLE MS. JUSTICE INDERMEET KAUR


INDERMEET KAUR, J. (Oral)

1. By way of this petition petitioner company seeks restoration of its

name in the Register of Companies under Section 560(6) of the

Companies Act, 1956.

2. The petitioner company was incorporated under the name and

style of Rock Steel Pvt. Ltd. with its main object being founders and

manufacturers of metallurgical products; there are four directors in the

petitioner company. Pursuant to the non-furnishing of a fresh guarantor

on revocation of a personal guarantee by Shejang Singh (one of the

directors of the company) towards the outstanding loan of the company,

the Bank stalled and froze its accounts which stalled the operations of

the company. The Banker of the petitioner company namely the Punjab

and Sind Bank, initiated recovery proceedings against the company at

the Civil Court Kharar which led to complete deadlock in the operation

of the company; in these circumstances the company defaulted in filing

its Annual Returns and Forms with the Registrar of Companies.

Petitioner company has filed its last audited Annual Accounts till the

year 1996; however, the same could not be filed after 1996 because of

the dispute of the Company with its Banker.

3. Registrar of Companies took cognizance of this known filing and

suo moto declared the petitioner company as defunct and struck-off its

name from the Register of the companies under Section 560 of the

Companies Act. The petitioner company has since resolved its disputes

with the bank and the copy of the letter of settlement dated 24.11.2010

has been filed along with this petition; a sum of Rs.19,77,000/- has since

been paid by the company to the Bank for the release of its securities.

Subsequent to the resolution of disputes with the Bank the directors and

shareholders of the petitioner company have decided to revive the

operations of the company, hence the present petition.

4. Reply filed on behalf of Registrar of Companies (ROC) has been

perused. It is submitted that petitioner company has not filed its

statutory documents i.e. Annual Returns and Balance Sheet since 1995

till date which is in contravention of Section 159/220 of the Companies

Act; the defaulter shall be liable for punishment/penalty. ROC has no

objection is the name of the Company is restored in the Register of the

Companies, however, company be directed to file the pending Annul

Returns and Balance Sheets since 1995 till date along with its requisite

filing fee as prescribed under the law.

5. Keeping in view the facts and circumstances narrated by the

petitioner company herein-above as also the reply filed by the ROC the

petitioner company is permitted to file its statutory documents i.e. the

Annual Returns and Balance Sheet since 1995 till date with the requisite

late filing fee. Upon the filing of the aforesaid documents, the ROC is

directed to restore the name of the petitioner in the Register of the

Companies. This order is passed subject to payment of cost of

Rs.50,000/- to be deposited with the ROC. Petition disposed of in the

above terms.

INDERMEET KAUR, J AUGUST 27, 2012 nandan