IN RE Vs. POLY AUTO SYSTEM PVT LTD

JUDGEMENT

(1.) Poly Auto Systems Private Limited has filed the instant Petition under Section 560(6) of the Companies Act, 1956 with a prayer for restoration of the Company on the register of the Registrar of Companies (ROC). The Company was incorporated under the provisions of the Companies Act, 1956 with the ROC vide Certificate of incorporation No. 8815 of 1977 - 78 dated 17.12.1977 as a private Limited Company. It has its registered office at C-33, Wazirpur Industrial Area, Delhi. The object of the Company was to carry out the business of manufacturing, assembling, repairing of all kinds of spare parts and accessories for automobile vehicles. It also dealt with import, export, distribution of all kinds of spares parts and the accessories.

(2.) The other facts necessary for the disposal of the Petition are that the paid up capital of the company was Rs. 15,68,800/- divided into 15688 equity shares of Rs. 100/- each. The authorized capital of the company was Rs. 22 lacs. The Company had three Directors who were also the shareholders. The Company and the management remained involved in carrying out the business although it was struggling with financial crisis. All the same the assets of the company remained intact and it never became defunct nor a situation arose for winding up of its business. It has, thus, remained functional from 1996 to August, 2014. It has its Bank account in Punjab & National Bank, A-17, Gujrawala Town, Delhi under the Account No. 1470002100019173. Ld. Counsel for the petitioner relies on the statement of the accounts and submitted that the Company has been running its business upto 2014-15. It has also held and convened its Annual General Meeting regularly. Therefore, it cannot be concluded that the petitioner Company is a defaulter or non-functional or a defunct company within the meaning of Section 560 of the Companies Act, 1956.

(3.) The Petitioner concedes that it has not been able to file its Annual Return and the Balance Sheet with the Registrar of Companies, from April, 1996 to August, 2014 as the Company was taken over by the present Directors on 15.10.1996. The earlier Directors, Mr. C.M. Sahni, Mr. Anil Gupta, Mr. M.L. Agarwal and Mr. Y.K. Malik resigned from the Company and the new present Directors were appointed. After the appointment of the present Directors, it is cleaned that the affairs of the company are being monitored properly. The entire record of the company including the previous Balance Sheet, Profit & Loss account and all other necessary documents were with the previous Directors. They failed to supply the same to the petitioner Company despite repeated requests by them. As a result, the auditors reports, Balance Sheet and Profit & Loss account for the subsequent year could not be filed.