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2015 (3) TMI 327 - HC - Companies LawRestoration of the name of company - Statutory records not filed - Held that - It is undertaken on behalf of the petitioner companies that statutory compliances shall be made and the requisite statutory records and accounts will be filed with the Registrar of Companies once the name of the company is restored.Accordingly, upon payment of costs of ₹ 50,000/- within a period of two weeks from today, the name of the petitioner Company shall stand restored.On receipt of the costs, the Registrar of Companies shall change the status of the company as Active . The petitioner shall thereafter make the necessary statutory compliances and file the statutory documents with the requisite fee and additional fee as applicable. - Decided in favour of appellant.
Issues:
Petition under Section 560 (6) of the Companies Act seeking restoration of the name of the petitioner company in the records of the Registrar of Companies. Analysis: The petitioner company, incorporated in 1992, had its name struck off from the register of Companies in 2007 due to non-filing of statutory documents post-2007. The petitioner claimed that the lapse was inadvertent and beyond their control, discovered in 2013. The company had been regular in tax payments and had filed documents till 2007. The petitioners undertook to comply with statutory requirements, file annual returns, and balance sheets with fees. The name was struck off for non-compliance with the Companies Act, 1956. The Registrar of Companies responded, stating due process was followed for striking off the name. The petition for revival was filed by individuals not listed as members, directors, or creditors in the records. The petitioners argued that these individuals were appointed as additional Directors in 2006 and had been involved in financial matters, even though records were not filed. The petitioners assured that all statutory compliances would be met upon restoration of the company's name. The court allowed the petition, subject to a cost of Rs. 50,000, restoring the company's name on the register upon filing all outstanding statutory documents and returns with prescribed fees. The company had to pay the costs within two weeks for the restoration. Once costs were paid, the Registrar of Companies would change the company's status to "Active," requiring necessary statutory compliances and document filings with applicable fees. The petition was disposed of, and a copy of the order was provided to the parties.
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