Appellant Company's Name Restored in Register of Companies with Compliance Orders

The Tribunal ordered the restoration of the appellant company's name in the Register of Companies after it was struck off due to default in statutory compliances. The appellant was directed to file all pending returns, pay a fine of Rs. 25,000, and ensure compliance within 30 days. The restoration order allowed filing of annual returns and financial statements even if directors were disqualified, with a requirement to declare deposits made during demonetization. The Registrar of Companies was instructed to publish the restoration order in the official gazette, emphasizing that it addressed specific violations and did not preclude further legal actions for other offenses.

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Issues:
1. Restoration of company name in the Register of Companies after strike off due to default in statutory compliances.

Analysis:
The appellant, a company engaged in chit or kuri business, filed a Company Appeal seeking restoration of its name in the Register of Companies maintained by the Registrar of Companies, Kochi. The appellant company was struck off by the Registrar of Companies due to the inadvertent omission of the Board of Directors in submitting statutory returns for two consecutive years. The appellant contended that the omission was not wilful but inadvertent. The Public Notice for striking off the company was published by the respondent in the official gazette. The appellant undertook to file all pending returns for the relevant financial years and requested restoration of the company's name.

The Registrar of Companies, Kerala, in response, stated that strike off action was taken as per instructions from the Ministry of Corporate Affairs due to the company's failure to file financial statements and annual returns since 2014. The ROC highlighted that the company had violated provisions of the Companies Act by not filing required documents for several financial years. Despite issuing notices to the company and its directors, no response was received. The ROC justified the strike off action as a result of negligence and lack of due diligence on the part of the company's directors in fulfilling statutory duties.

After hearing arguments and reviewing the ROC's report, the Tribunal ordered the restoration of the company's name in the Register of Companies. The appellant was directed to file all statutory documents with prescribed fees within 30 days of restoration. Additionally, a declaration regarding deposits made during demonetization was required. The appellant was instructed to pay a fine of Rs. 25,000 to the Central Government and ensure compliance with the order. The Tribunal allowed filing of annual returns and financial statements for restoration purposes, even if directors were disqualified. The Registrar of Companies was directed to publish the restoration order in the official gazette. The order emphasized that it pertained to specific violations leading to strike off and would not prevent further legal actions for any other offenses committed by the company.

In conclusion, the Company Appeal seeking restoration of the company's name in the Register of Companies was disposed of with the Tribunal's detailed restoration order and compliance instructions for the appellant.

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