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2020 (12) TMI 1090 - Tri - Companies LawRestoration of the name of the struck off company in the Register of Companies - Section 252(3) of the Companies Act, 2013 - HELD THAT - From the perusal of the Financial Statements for the year ended 31.03.2020, it is established that company is having trading operations and assets and liabilities as well. It is also noted that from this year only that extent of operations has increased. It has also been pleaded before us that company hopes to increase business volume in future. Accordingly, the name of the company needs to be restored in the Register of companies maintained by ROC, subject to payment of suitable cost for non-compliance of requirements of filing of statutory returns. The Applicant Company is directed to file all pending statutory document(s) including Annual Accounts and Annual returns for the financial years in default along with prescribed fees/additional fee/fine as decided by ROC within 45 days from the date on which its name is restored on the Register of Companies by the RoC - Application allowed.
Issues:
1. Restoration of name of struck off company in Register of Companies. Analysis: The case involved an application 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 ROC, Gwalior, Madhya Pradesh. The company was incorporated to carry out various business activities but failed to file Annual Returns and Financial Statements for the years 2016-17 and 2017-18, leading the ROC to strike off its name in 2019. The applicant contended that the non-filing was due to inadvertent mistakes, providing evidence of the company's continued operations, turnover, assets, liabilities, and regular transactions in its bank account. The ROC, in its report, recommended allowing the appeal subject to filing pending documents with additional fees. The tribunal considered the submissions of the applicant and the ROC report, noting the company's failure to file returns for the relevant years. However, upon reviewing the Financial Statements for the year ending 31.03.2020, it was established that the company was actively engaged in trading operations with assets and liabilities. The tribunal acknowledged the company's intention to expand its business and increase its volume, leading to the decision to restore the company's name in the Register of Companies. The restoration was subject to the payment of costs for non-compliance with filing requirements, with specific directives for filing pending documents and paying fines within specified timelines. The tribunal directed the company to file all pending statutory documents, including Annual Accounts and Annual Returns, within 45 days of the name restoration. The company's representative was tasked with ensuring compliance with the order, and a cost of ?25,000 for each default year was imposed for revival. The company was permitted to deliver a certified copy of the order to the ROC, who would then publish it in the official Gazette. Importantly, the restoration order was limited to the violations leading to the name striking off and would not prevent the ROC from taking further legal actions for any other violations or offenses committed by the company. The tribunal disposed of the Company Appeal accordingly, allowing for the issuance of an urgent certified copy upon compliance with formalities.
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