Harmeet Gahi & Anr. vs Registrar Of Companies
2012 Latest Caselaw 7193 Del

$~17

*      IN THE HIGH COURT OF DELHI AT NEW DELHI

                                     Date of Judgment: 14th December, 2012

+      CO.PET. 391/2012



       MR.HARMEET GAHI AND ANR.                               ..... Petitioner

                                Through:   Mr.Mukesh Sukhija, Advocate.

                       versus

       REGISTRAR OF COMPANIES                                ..... Respondent

                                Through:   Mr.K.S.Pradhan, Dy. ROC.

       CORAM:
       HON'BLE MS. JUSTICE INDERMEET KAUR




INDERMEET KAUR, J. (Oral)

1. This is a petition under Section 560(6) of the Companies Act,

1956 filed by the petitioners seeking restoration of M/s UG Leasing &

Finance Ltd. (hereinafter referred to as the 'company') in the Register of

Companies with the Registrar of Companies (ROC). The company was

incorporated with the ROC.

2. The company was holding the substantial shareholding as

promoters of M/s UG Hotels & Resorts Limited, a public limited

company incorporated under the provisions of the Companies act. The

said UG Hotels had obtained loans/financial facilities from M/s ICICI,

IFCI and TFCI and the share held by the promoters of UG Hotels were

pledged with the said financial institutions; thereafter the U.G.Hotels

defaulted in repayment of the said loan; accordingly the aforenoted

financial institutions had obtained a decree from Debt Recovery

Tribunal; in the year 2001 onwards even the execution/recovery

proceedings in respect of the assets of the UG Hotels as well as the

shares held by the promoters of the UG Hotels was initiated by the

aforesaid financial institutions; in view of these recovery proceedings

the company had stopped its activities. During this period the

Department of Company Affairs under the then Ministry of Finance &

Company Affairs had come out with the General Circular No.13/2003

dated 25.3.2003 giving the Simplified Procedure for removal of the

name of the defunct companies which enabled the ROC to strike off the

names of the defunct companies exercising, suo moto.

3. The ROC had struck off the name of the company from the

Register of Companies and the same was published in the Official

Gazette in accordance with the provisions of Section 560(5) of the

Companies Act.

4. In the year 2007 M/s U.G.Hotels & Resorts and its directors and

promoters had entered into some financial arrangements and agreed to

sell their stake in the UG Hotels and repaid the entire loan amount and

accordingly the pledged shares of the promoters were released in favour

of the respective promoters.

5. The petitioners being directors of the company have already filed

no objection affidavit. Also the no objection affidavits from

shareholders holding 99.02% has been filed with this petition.

6. Reply has been filed by the respondent/ROC. In para 1 of the

prayer it has been submitted that ROC has no objection to the restoration

of the name of the company subject to filing of pending statutory returns

i.e. Annual Returns and Balance Sheet from the year of striking off till

date.

7. Keeping in view the aforenoted facts and circumstances as also

the reply filed by the ROC, the petitioner company is permitted to file its

pending statutory documents i.e. the Annul Returns and Balance Sheets

from the year of striking off of the company from the year 2007 till date

on payment of the requisite late filing fee. Upon the filing of the

aforesaid documents within a period of two weeks, the ROC is directed

to restore the name of the company in the Register of the Companies.

8. This order is passed subject to payment of cost of Rs.50,000/- to

be deposited with the Central Government. Petition disposed of in the

above terms.

INDERMEET KAUR, J

DECEMBER 14, 2012 nandan