Company Name Restored in Register: Compliance, Fairness, and Directions for Restoration

The Tribunal ordered the restoration of the company's name in the Register of Companies, emphasizing compliance with statutory requirements, justifying the strike off, ensuring procedural fairness, and outlining final directions for restoration and ongoing compliance. The order mandated filing of statutory documents, declaration on demonetization deposits, payment of costs, and publication of the restoration order in the official gazette. Any director disqualification would prevent reactivation of DINs, with further actions allowed for any other offenses committed.

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Issues:
- Restoration of company name in the Register of Companies under Section 252 of the Companies Act, 2013.
- Compliance with statutory requirements for restoration.
- Justification for striking off the company's name.
- Procedural fairness and principles of natural justice in striking off action.

Analysis:
1. Restoration of Company Name: The appeal sought direction to restore the company's name in the Register of Companies. The appellant, a shareholder, highlighted defaults in statutory compliances leading to the striking off. The present directors, facing financial challenges and frozen bank accounts, claimed genuine belief in prior compliance. The company had filed GST and IT returns, emphasizing the hasty and unjustified strike off by the respondent.

2. Compliance with Statutory Requirements: The RoC reported non-filing of financial statements and annual returns, with defaults since 2016. The company's violation of Sections 92 and 137 of the Companies Act, 2013, led to the strike off under Section 248(5) after due procedural compliance. The RoC attributed the action to directorial negligence and lack of diligence, justifying the strike off as per Section 248 of the Act.

3. Justification for Striking Off: The RoC's actions were in line with notifications instructing strike off for non-compliant companies. Notices were issued to the company and directors, with publications for objections. The strike off, effective from 19-10-2019, was duly published. The RoC defended the action as necessary due to prolonged non-compliance and lack of response to notices.

4. Procedural Fairness and Natural Justice: The Tribunal considered interim relief for bank account operations, directing the bank to allow day-to-day transactions. After evaluating submissions and documents, the Tribunal ordered restoration of the company's name, subject to fulfilling statutory requirements and payment of costs. The order emphasized compliance within specified timelines, with personal responsibility on the company's representative.

5. Final Directions: The order mandated filing of statutory documents with fees, a declaration on demonetization deposits, payment of costs, and compliance responsibility. The Registrar was directed to publish the restoration order in the official gazette. Any director disqualification would prevent reactivation of DINs. The order, limited to previous violations, allowed further actions for any other offenses committed.

In conclusion, the Tribunal's judgment addressed the restoration of the company's name, emphasizing compliance with statutory requirements, justifying the strike off, ensuring procedural fairness, and outlining final directions for restoration and ongoing compliance.

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