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2021 (1) TMI 14 - Tri - Companies LawRestoration of the name of the company into the Register of Companies - Section 252 of the Companies Act, 2013 - HELD THAT - This Tribunal is of the opinion that it would be just and proper to order restoration of name of the Company in the Register of Companies. In view of the averments made and evidence placed, refusal to restore will be an excessive penalty for the over-sight on the part of the Company. The Applicant shall file all the pending Financial Statements and Annual Returns with Respondent (RoC) as per the Act and Rules made thereunder. It shall also comply with the provisions of the Companies Act, 2013 without any delay in future. Form INC 28 shall also be filed as per procedure - Further the Applicant is directed to pay the cost of ₹ 25,000/- to the Respondent (RoC) while submitting the documents. This is for the expenses to be incurred by Respondent (RoC) for publication in the Official Gazette and for other related expenses. The Respondent (RoC) is directed to restore the name of the Company in the Register of Companies - Application allowed.
Issues:
- Restoration of company name in the Register of Companies - Compliance with statutory requirements - Payment of costs for restoration Restoration of company name in the Register of Companies: The case involved a Company Application seeking restoration of a private limited company's name in the Register of Companies under section 252(3) of the Companies Act, 2013. The applicant, a shareholder cum director, detailed the company's incorporation, shareholding pattern, and non-filing of annual returns leading to the company's name being struck off by the Registrar of Companies (RoC). The applicant emphasized the company's intention to revive operations, comply with statutory requirements, and benefit from the Companies Fresh Start Scheme 2020. Supporting affidavits were filed to demonstrate the company's activities, financial statements, and commitment to future compliance. The Tribunal, after reviewing the submissions, found it just to order the restoration of the company's name in the Register of Companies, considering the circumstances and evidence presented. Compliance with statutory requirements: The Tribunal directed the applicant to file all pending financial statements and annual returns with the RoC, adhere to the provisions of the Companies Act, 2013 promptly, and submit Form INC 28 as required. Emphasis was placed on future compliance without delays to ensure the company's adherence to regulatory obligations. The order highlighted the importance of fulfilling statutory obligations to maintain transparency and regulatory compliance in the company's operations. Payment of costs for restoration: As part of the restoration process, the Tribunal directed the applicant to pay a cost of ?25,000 to the RoC for expenses related to publication in the Official Gazette and other associated costs. This cost was deemed necessary for the restoration process and was to be paid while submitting the required documents. The directive aimed to ensure that the restoration process was completed efficiently and covered the expenses incurred by the RoC in facilitating the restoration of the company's name in the Register of Companies. In conclusion, the Tribunal allowed the Company Application, ordering the restoration of the company's name in the Register of Companies, with specific directives regarding compliance with statutory requirements and the payment of costs for restoration. The decision emphasized the importance of regulatory compliance, transparency, and timely fulfillment of obligations under the Companies Act, 2013 for the company's reinstatement and future operations.
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