ROCK STEEL PVT LTD Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(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.) 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.