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TMI Blog2013 (2) TMI 827X X X X Extracts X X X X X X X X Extracts X X X X ..... appearing for the petitioner and Shri. S. Sreenivas, the learned Central Government Standing Counsel appearing for respondent and perused the records. The officials of the ROC who are present before the Court have also assisted this Court in arriving at the following decision. 3. Petitioner herein filed an application before the ROC on 31.07.2005 for striking off of the name of petitioner's company by invoking Section 560 of the Companies Act, 1956 [hereinafter referred to as 'the Act' for short] under the 'Simplified Exit Scheme' contending inter alia that it was not doing/carrying any business since 01.06.1986 and it did not intend to do any business or commercial activity, as laid down in the main objects of the Mem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he present petition at Annexures-D and D1 respectively. 5. It is contended by Smt. Rajini, learned counsel appearing for the petitioner that no prejudice or harm would be caused if the petitioner's company is restored back and its name is entered and continued in the register of the Registrar of Companies, as otherwise, it would adversely affect the interest of the company and the objects envisaged in the Memorandum and Articles of Association would be jeopardized. On these grounds, she seeks for allowing the petition. 6. Per contra, Shri. S. Srinivas, learned Central Government Standing Counsel, reiterating the contentions urged in the statement of objections filed, would contend that name of the petitioner's company was struck o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t;560 (6): If a company, or any member or creditor thereof, feels aggrieved by the company having been struck off the register, the Court, on an application made by the company, member or creditor before the expiry of twenty years from the publication in the Official Gazette of the notice aforesaid, may, if satisfied that the company was, at the time of the striking off, carrying on business or in operation or otherwise that it is just that the company be restored to the register, order the name of the company to be restored to the register; and the Court may, by the order, give such directions and make such provisions as seem just for placing the company and all other persons in the same position as nearly as may be as if the name of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Companies Act, 1956 by payment of fine and additional fee. In other words, he has consented for the revival of petitioner- company and its name being restored in the register subject to fulfillment of the requirement of the above section. In that view of the matter, I am of the considered view that the prayer sought for in the petition to restore the name of the petitioner-company in the register of the Registrar of Companies requires to be granted. 11. However, it is to be noticed that by virtue of this Order, the restoration of striking off of the petitioner- company would get extinguished or in other words the company is deemed to be in existence, even though it ceased to be in operational. As such, the balance sheet of the petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has entered appearance and spent considerable time by filing a detailed statement of objections, it would be suffice if costs of ₹ 10,000/- is ordered to be paid to the Registrar of Companies, apart from the fee that would be determined by the ROC, while accepting the accounts/returns that would be filed by the petitioner-company. Accordingly, I answer the point for determination in favour of petitioner and pass the following order. Company Petition is hereby allowed. Order dated 21.10.2006 bearing No. CVS/560 (5) SES/2005, Annexure-C, insofar as striking off of the name of the petitioner-company is hereby set aside and the name of the petitioner-company is ordered to be restored and shall be continued in the Register by the Registra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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