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2021 (12) TMI 46 - Tri - Companies LawSeeking restoration of the name of the struck off company in the Register of Companies maintained by the Registrar of Companies - Section 252(3) of the Companies Act, 2013 - HELD THAT - On perusal of the balance sheet for the year ended on 31.03.2020, it is noted that the company has share capital of ₹ 100,000/-; cash and cash equivalents is ₹ 59,355/-. It is considered just and proper to restore the name of the company in the Register of Companies, from date of its striking off subject to payment of cost for non-compliance of rules relating to filing the Statutory Returns and Audited Financial Statements. The Registrar of Companies, Hyderabad, Telangana, the respondent herein is directed to restore the original status of the applicant/Company as if the name of the applicant/company has not been struck off from the Register of Companies with resultant and consequential actions like changing status of Company from 'Struck off to Active. The name is restored - application allowed.
Issues: Restoration of struck off company in the Register of Companies
Analysis: The case involves an application filed under Section 252(3) of the Companies Act, 2013 for the restoration of a company's name in the Register of Companies maintained by the Registrar of Companies, Hyderabad, Telangana. The company was incorporated in 2013 but failed to file Annual Returns and Financial Statements/Balance Sheets from 2013 to 2020, leading to the Registrar of Companies striking off its name in 2017. The applicant argued that the company was engaged in business activities, had held Annual General Meetings, and attempted to file Income Tax Returns and RoC Annual filings, albeit unsuccessfully due to the professional's lack of qualifications. The Registrar of Companies, Hyderabad, in a report, confirmed the company's non-compliance with filing requirements and the decision to strike off the company's name under Section 248(1) of the Companies Act, 2013. The Tribunal noted the company's continuous failure to file returns since its inception, prompting the striking off action by the RoC. However, upon reviewing the balance sheet for the year ended on 31.03.2020, the Tribunal found it just and proper to restore the company's name in the Register of Companies, subject to payment of costs for noncompliance with filing rules. The Tribunal directed the Registrar of Companies, Hyderabad, Telangana, to restore the company's original status and change its status from 'Struck off' to 'Active.' The company was instructed to file all pending statutory documents and pay a cost of ?90,000 for revival within 30 days. The applicant was responsible for ensuring compliance with the order. The restoration was contingent upon the payment of the specified cost to the Registrar of Companies within the stipulated timeframe. Additionally, the Tribunal clarified that the restoration order was limited to the violations leading to the striking off action and would not prevent the RoC from taking further legal actions for any other violations committed by the company. The Company Appeal was disposed of accordingly, and an urgent certified copy of the order could be issued upon compliance with formalities.
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