The National Company Law Tribunal (NCLT), Chennai, has allowed a plea filed by music composer Yuvan Shankar Raja for restoration of his film production YSR Films Pvt. Ltd., which was struck off from the Registrar of Companies (RoC), Chennai.
The company had not filed its balance sheet and annual returns as per the provisions of the Companies Act, 2013, since 2018-19 as on the date it was struck off by the RoC as per the provisions of section 248(1) of the Companies Act, 2013 and it was published in the Gazette of India dated February 19, 2022.
Mr. Raja said he has filed the plea in his capacity as shareholder of YSR Films and stated that the company had inadvertently omitted filing of the statutory returns for want of professional support.
He said the company had a revenue of ₹15 lakh in financial year 2020-21 and submitted details of its financial statement from 2016-2021 and Income Tax returns filed from 2016-2019 and GST returns filed for 2021-22 and has been carrying on business from the date of its incorporation on March 10, 2016.
NCLT directed the company to file the returns for the default period within 30 days from date of restoration along with the required fees and pay ₹50,000 towards cost for revival of the company. Till it complies with all the rules, the company shall not dispose of any of its valuable assets.
It told shareholders of the YSR Films to jointly submit an undertaking to RoC stating that the accounts of the company were not used as a means to transact tainted money during the period of demonetization.
