Camping Ltd. was incorporated in the year 2010 for running a lawful business. It came up with a public issue and listed its securities on a regional stock exchange. It has no outstanding loan and no inquiry is pending ag

According to section 455 of Companies Act, 2013 where a company is formed and registered under the Companies Act, 2013 for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an inactive company may make an application to the Registrar for obtaining the status of a dormant company. Here, "inactive company" means a company which has not been carrying on any business or operation, or has not made any significant accounting transaction during the last two financial years, or has not filed financial statements and annual returns during the last two financial years. As per Rule 3 of the Companies (Miscellaneous) Rules, 2014, a company shall be eligible to apply for dormant status only, if- no inspection, inquiry or investigation has been ordered or taken up or carried out against the company; no prosecution has been initiated and pending against the company under any law; the company is neither having any public deposits which are outstanding nor the company is in default in payment thereof or interest thereon; the company is not having any outstanding loan, whether secured or unsecured, however if there is any outstanding unsecured loan, the company may apply after obtaining concurrence of the lender and enclosing the same with Form MSC-1; there is no dispute in the management or ownership of the company and a certificate in this regard is enclosed with Form MSC-1; the company does not have any outstanding statutory taxes, dues, duties etc. payable to the Central Government or any State Government or local authorities etc.; the company has not defaulted in the payment of workmen's dues; the securities of the company are not listed on any stock exchange within or outside India. In the instant case, the company does not satisfy the condition of clause (viii) of Rule 3 of the Companies (Miscellaneous) Rules, 2014. Hence, it cannot apply to the Registrar of Companies for obtaining Dormant Status under the Companies Act, 2013.