2009 (7) TMI 793 - HC - Companies Law

Summary

Issues:
Revival of a company under section 560 of the Companies Act, 1956 due to non-filing of annual returns.

Analysis:

1. Revival Application under Section 560 of the Companies Act, 1956:
The judgment pertains to an application filed for the revival of a company, M/s. Prism Properties Pvt. Ltd., under section 560 of the Companies Act, 1956. The Registrar of Companies had struck off the name of the company from the register due to its failure to file annual returns. The applicant sought revival, and the Registrar, in response, expressed no objection to the revival of the company.

2. Reasons for Non-Filing of Annual Returns:
The applicant company, as per its submission, had acquired the shareholding and taken over the ownership and management of M/s. Prism Properties Pvt. Ltd., which had been dissolved earlier. The applicant claimed that they were not aware of the non-filing of returns by the dissolved company, assuming that the returns had been filed. However, upon examination, the Registrar found that the returns had not been filed, leading to the striking off of the company's name from the register.

3. Registrar's No Objection and Direction for Revival:
The Registrar of Companies, in the reply submitted, stated that he had no objection to the revival of the company. Consequently, the impugned notification striking off the company's name was set aside by the court. The Registrar was directed to revive the company and re-register its name if the company fulfilled all the statutory requirements, as mandated by the Companies Act, 1956.

4. Disposition of the Application:
In conclusion, the court disposed of the application in favor of the applicant, ordering the Registrar of Companies to revive the company provided all statutory requirements were met. The judgment highlights the importance of compliance with annual filing obligations and the process of revival under the relevant provisions of the Companies Act, 1956.

This comprehensive analysis of the judgment addresses the issues involved in the application for the revival of the company and the legal implications arising from the non-filing of annual returns leading to the striking off of the company's name from the register.