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2020 (1) TMI 1394 - Tri - Companies LawSeeking restoration of the name of the Company in the Register of Companies - Section 252(3) of the Companies Act, 2013 - whether the Company was, at the time of its name being struck off, carrying on business or in operation or otherwise it is just that the name of the company be restored to the register of companies? - HELD THAT - As per Annexure A-7 of the petition, Income Tax Returns are stated to be filed for the assessment years 2016-17, 2017-18 and 2018-19. The gross total income for the assessment years 2016-17, 2017-18 and 2018-19 is stated to be ₹ 1,47,841/-, NIL and NIL, respectively. The date of filing of the Income Tax Returns for all the assessment year is before the date of striking of the name of the company from the Register of Companies i.e. 11.09.2018 - the petitioner-company has been able to show that it was carrying on business or in operation at the time of its name being struck off from the register of companies. In the submissions made on behalf of the ROC and Income Tax Department, no objection to the restoration of the name of the Company, has been raised. It is therefore, held that the ingredients provided for in Section 252(3) of the Act, are satisfied. The petition is allowed and the name of the company be restored in the Register of Companies, subject to deposit of ₹ 20,000/- as costs with the Pay and Accounts Officer, Ministry of Corporate Affairs within a period of three weeks from the receipt of certified copy of this order.
Issues:
1. Restoration of company name in Register of Companies under Section 252(3) of the Companies Act, 2013 due to defaults in statutory compliances. 2. Verification of company's business activities and operations at the time of name strike-off. 3. Compliance with financial filing requirements and submission of pending documents. Issue 1: Restoration of Company Name The petition was filed seeking restoration of the company's name in the Register of Companies under Section 252(3) of the Companies Act, 2013. The company's name was struck off by the Registrar of Companies due to defaults in filing financial statements and annual returns for specific financial years. The petition argued that the company was active since its incorporation, maintaining necessary documentation, and holding Annual General Meetings regularly. Issue 2: Verification of Business Activities The key consideration was whether the company was carrying on business or in operation at the time of its name being struck off. The company, engaged in construction business, provided financial statements and revenue details for the past years to demonstrate its ongoing operations. Income Tax Returns were also filed for relevant assessment years before the name strike-off date, indicating compliance with tax obligations. Issue 3: Compliance with Filing Requirements The Tribunal examined the submissions and reports from the Registrar of Companies and Income Tax Department. It was observed that the company had fulfilled the conditions under Section 252(3) of the Act. No objections were raised by the concerned authorities regarding the restoration of the company's name. Consequently, the petition was allowed, and the company's name was ordered to be restored in the Register of Companies, subject to certain conditions. In conclusion, the Tribunal found that the company met the criteria for restoration as per Section 252(3) of the Companies Act, 2013. The judgment directed the company to comply with various obligations, including depositing costs, filing pending financial statements, and meeting statutory requirements within specified timelines. The Registrar of Companies and Income Tax Department were instructed to take necessary actions in line with the law.
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