Company Name Restored in Register under Companies Act 2013 due to Non-filing The appeal (CA-599 of 2020) sought restoration of a company's name in the Register of Companies under Section 248(5) of the Companies Act 2013 due to ...
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Company Name Restored in Register under Companies Act 2013 due to Non-filing
The appeal (CA-599 of 2020) sought restoration of a company's name in the Register of Companies under Section 248(5) of the Companies Act 2013 due to non-filing of annual returns and balance sheets. The tribunal directed the Registrar of Companies to reinstate the company's name upon filing pending returns from 2014 onwards within four weeks. A fine of Rs. 20,000 was imposed, to be reimbursed for restoration expenses. The company must also submit an affidavit confirming non-use of accounts for depositing tainted money. The appeal (no. 1196 of 2018) was allowed, leading to the restoration of the company's name in the Register of Companies.
Issues: Restoration of company name in Register of Companies under Section 248(5) of the Companies Act 2013 due to non-filing of annual returns and balance sheets.
Analysis: The judgment pertains to an appeal (CA-599 of 2020) where the company's name was struck off from the Register of Companies under section 248(5) of the Companies Act 2013 due to non-filing of annual returns and balance sheets. The counsel for the applicant highlighted that the company was incorporated in 2012, and until 2014, the necessary filings were made. However, the company failed to file subsequent returns, leading to its name being struck off in 2018. Respondent no. 4 mentioned a Joint Development Agreement (JDA) signed in 2014 with respondent no. 6, emphasizing the inability of the company to conduct business post-strike off. An amount of 5 crores was paid to respondent no. 6 for land development and flat delivery to home buyers. Considering the circumstances, the tribunal inclined to allow the application for restoration.
The judgment directs the concerned Registrar of Companies (RoC) to reinstate the company's name in the Register of Companies upon submission of pending annual returns and balance sheets. The company is mandated to comply with the Companies Act by filing outstanding returns from 2014 onwards within four weeks. A fine of Rs. 20,000 is imposed on the company, to be reimbursed to the RoC for restoration expenses. Additionally, the company must submit an affidavit to the RoC confirming non-use of company accounts for depositing tainted money during demonetization. Consequently, the appeal (no. 1196 of 2018) is allowed, ensuring the restoration of the company's name in the Register of Companies.
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