SVA ELECTRONICS PRIVATE LIMITED Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) Under consideration is a Company Application that has been filed on 28.09.2017 under Section 252 (3) of the Companies Act, 2013 by the Applicant Company viz., M/s. SVA Electronics Private Limited having CIN No. U03210TZ1987PTC001912. The Registered Office is situated at No. 148 D, Palani Road, Venkatesa Mills Post, Udumalpet, Coimbatore District-642 128. The prayer is made to seek order for restoration of the name of the Applicant Company to the Register of Companies maintained by the concerned Registrar of Companies.

(2.) The Applicant is a private limited company and was incorporated on 23.02.1987 under the Companies Act, 1956. The Authorised Share Capital of the Applicant Company is Rs.5,00,000/- divided into 5,000 equity shares of Rs.100/- each. The issued, subscribed and paid-up capital is Rs. 1,36,000/-divided into 1360 equity shares of Rs.100/- each. The main object of the Applicant Company is manufacturing of electronics components for televisions.

(3.) It has been submitted by the Applicant Company that after incorporation, in the wake of liberalization and with the arrival of new international entrants in the electronic sector into India, the business of the Applicant Company had faced steep decline in income and had incurred losses. It is further stated that one of the directors of the Applicant Company, who had been authorised to ensure the statutory compliances had fallen sick, and also that the Company had ceased to carry on its business from the year 1998, and therefore, failed to file Annual Returns and Balance Sheets from the year 2000. Hence, the name of the Applicant Company was 'struck off from the Register of Companies under Section 248(5) of the Companies Act, 2013 read with Rule 3 of the Companies (Removal of Name of Companies from the Register of Companies) Rules, 2016.