9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 882 - Tri - Companies LawSeeking restoration of name of company in the Register of Companies - Section 252(3) of the Companies Act, 2013 - HELD THAT - The Appellant though has not submitted sufficient evidence that the Company has been in operation, but as per the Balance Sheet the Company has current liabilities of Rs. 55,85,000/- and fixed assets in the form of capital work in progress amounting to Rs. 91,29,422. The Company also has a colonizer certificate issued by the Municipal Corporation Bhopal. Under the provisions of Section 252(3) of the Act, this Tribunal is vested with the discretion, where the Company whose name has been struck off and such Company is able to demonstrate that it is just to do so, to restore the name of the Company in the Register of the Registrar of Companies in the interest of all stakeholders, including the Appellant herein who seeks restoration of the name of the Company in the Register maintained by Registrar of Companies. The Company deserves to be restored - Application allowed.
Issues:
Appeal against striking off the name of a company under Section 252(3) of the Companies Act, 2013. Analysis: Issue 1: Striking off the name of the Company The appeal was filed against the order of striking off the name of the Company by the Registrar of Companies under Section 248(5) of the Companies Act, 2013. The appellant, a shareholder of the Company, challenged this decision within the limitation period specified by Section 252 of the Act. Issue 2: Company Details and Compliance The Company was incorporated as a Private Limited Company with specific details regarding its authorized share capital, registered office, and business objectives. The appellant provided evidence that the Company was operational and doing business during the period leading to the striking off, including financial statements, balance sheets, and relevant certificates. Issue 3: Non-compliance and Striking off The Registrar of Companies struck off the name of the Company due to non-compliance with filing annual returns and financial statements for over two years. The Respondent ROC issued notices indicating the intention to remove the Company's name from the Register of Companies, leading to the final decision of striking off. Issue 4: Restoration of Company Name The Tribunal considered the grounds under Section 252 of the Act for restoring the Company's name, focusing on whether the Company was in operation at the time of striking off. Despite insufficient evidence submitted by the Appellant, the Tribunal noted the Company's current liabilities, fixed assets, and relevant certificates, leading to the decision to restore the Company's name to the Register of Companies. Issue 5: Tribunal's Decision In light of the circumstances and evidence presented, the Tribunal decided to restore the Company's name subject to fulfilling all outstanding requirements, including filing necessary documents with proper fees, completing formalities, and paying any late fees or charges. Additionally, a cost of Rs. 25,000 was imposed to be paid to the Prime Minister's Relief Fund. The appeal was allowed, and the Company's name was restored to the Register of the Registrar of Companies. Conclusion The appeal was allowed and disposed of, with directions for the Appellant to submit a copy of the order to the ROC within 30 days. The registry was instructed to provide copies of the order to the involved parties, concluding the legal judgment on the restoration of the Company's name.
|
