Company's Name Restored in Register: Compliance Obligations Imposed

The Tribunal allowed the petition for restoration of the company's name in the Register of Companies under Section 252(3) of the Companies Act, 2013. The company demonstrated ongoing business activities, compliance with financial filing requirements, and no objections from relevant authorities. The judgment imposed obligations on the company for compliance and directed authorities to take necessary actions.

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Issues:
1. Restoration of company name in Register of Companies under Section 252(3) of the Companies Act, 2013 due to defaults in statutory compliances.
2. Verification of company's business activities and operations at the time of name strike-off.
3. Compliance with financial filing requirements and submission of pending documents.

Issue 1: Restoration of Company Name
The petition was filed seeking restoration of the company's name in the Register of Companies under Section 252(3) of the Companies Act, 2013. The company's name was struck off by the Registrar of Companies due to defaults in filing financial statements and annual returns for specific financial years. The petition argued that the company was active since its incorporation, maintaining necessary documentation, and holding Annual General Meetings regularly.

Issue 2: Verification of Business Activities
The key consideration was whether the company was carrying on business or in operation at the time of its name being struck off. The company, engaged in construction business, provided financial statements and revenue details for the past years to demonstrate its ongoing operations. Income Tax Returns were also filed for relevant assessment years before the name strike-off date, indicating compliance with tax obligations.

Issue 3: Compliance with Filing Requirements
The Tribunal examined the submissions and reports from the Registrar of Companies and Income Tax Department. It was observed that the company had fulfilled the conditions under Section 252(3) of the Act. No objections were raised by the concerned authorities regarding the restoration of the company's name. Consequently, the petition was allowed, and the company's name was ordered to be restored in the Register of Companies, subject to certain conditions.

In conclusion, the Tribunal found that the company met the criteria for restoration as per Section 252(3) of the Companies Act, 2013. The judgment directed the company to comply with various obligations, including depositing costs, filing pending financial statements, and meeting statutory requirements within specified timelines. The Registrar of Companies and Income Tax Department were instructed to take necessary actions in line with the law.

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