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2019 (9) TMI 1490 - Tri - Companies LawSeeking restoration of the name of the Company which has been struck off by the Registrar of Companies - non filing of the Balance Sheet and Annual Returns since the financial year 31-03-2013 - Section 252 of the Companies Act, 2013 - HELD THAT - According to the Ld. PCS for the Appellant, the Appellant Company is carrying on its business as Architect, Interior Designer and is in operation. The business of the Company seems to have been carried on and accordingly, the Appeal is liable to be allowed, however, with a cost for non complying the statutory provisions without any reasonable excuse. The Appellant Company failed to file the balance sheets and Annual Returns since the financial year 31- 03-2013. The contention that due to lack of knowledge and with no proper Professional guidance, the Company failed in submitting the balance sheets and Annual Returns since the financial year 31-03-2013, cannot be believed as a genuine reason. So, awarding the cost of ₹ 1,25,000/- ( Rupees One Lakh Twenty five thousand only) is fair and just in the nature and circumstances of the case in hand. the Company. The copy of the Income Tax Return Acknowledgement produced on the side of the Appellant shows that the Appellant has submitted IT Return for the Assessment year 2013-14, 2014-15, 2015-16, 2016-17 and 2017-18. The Registrar of Companies, the respondent herein, is ordered to restore the original status of the Appellant Company as if the name of the company has not been struck off from the Register of Companies with resultant and consequential actions like changing status of Company from 'strike off to Active - The restoration of the Company's name is also subject to the payment of cost of ₹ 1,25,000/-.
Issues:
Application for restoration of a struck-off company under Section 252 of the Companies Act, 2013. Analysis: 1. The Appellant, a shareholder of the company, filed an Application under Section 252 of the Companies Act, 2013 seeking restoration of the company's name struck off by the Registrar of Companies, West Bengal due to non-filing of balance sheet and annual returns since 31-03-2013. 2. The Registrar of Companies, West Bengal, submitted a report stating that the company was struck off as it was not carrying on business or in operation based on non-filing of statutory returns. The ROC highlighted the disqualification of directors and the introduction of the 'Condonation of Delay Scheme-2018' for revival of struck-off companies. 3. The Tribunal considered the contentions of both parties. The Appellant argued that the company was in operation but failed to file returns due to lack of knowledge. Financial statements, bank statements, and IT returns were presented to support the claim of the company being operational at the time of striking off. 4. The Tribunal examined the financial status of the company from 2013 to 2018, showing profitability in some years. The Appellant's submission of IT returns for multiple assessment years further indicated business activity. 5. The Tribunal found that the company was indeed in operation during certain years and ordered restoration of its name. The Appellant was directed to file pending documents within 45 days of restoration, pay a cost of ?1,25,000, and ensure compliance with the order. 6. The restoration was subject to the ROC changing the company's status to 'Active,' publication of the order in the official Gazette, and compliance with other statutory requirements. 7. The Tribunal clarified that the order pertained to violations leading to the striking off and did not preclude the ROC from taking action for other offenses committed by the company. 8. The Appeal was disposed of accordingly, with provisions for obtaining an urgent certified copy of the order upon compliance with formalities.
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