Company name restored in Register after showing business activity and compliance with directives. 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 ...
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Company name restored in Register after showing business activity and compliance with directives.
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 its operational status during deregistration through business activities, revenue details, income tax returns, and bank statements. The restoration was granted upon payment of costs and compliance with specified directions, including filing pending financial statements and annual returns. Additional directives were issued for publication of the order, payment of fees, compliance with the Companies Act, and communication to relevant parties.
Issues: 1. Restoration of the name of the Company in the Register of Companies under Section 252(3) of the Companies Act, 2013.
Detailed Analysis: 1. The petition filed by the Company seeks restoration of its name in the Register of Companies under Section 252(3) of the Companies Act, 2013, due to default in filing financial statements and annual returns for the period 2012-13 to 2016-17.
2. The Company's director verified the affidavit accompanying the petition, and the certificate of incorporation, along with details of authorized and paid-up capital, were submitted as part of the record.
3. The Registrar of Companies struck off the Company's name from the register due to non-compliance, as per Section 248(5) of the Act, for failure to file financial statements and annual returns. The Company, however, claims to have maintained all necessary documentation and filed other tax returns.
4. The Company asserts that non-compliance was unintentional, attributing it to inadvertence and ignorance on the part of the Directors, and pledges to file all outstanding statutory documents if the name is restored.
5. During the hearing, the Company argued that it was actively carrying on business and generating revenue when its name was struck off, supported by financial statements, income tax returns, and bank account statements.
6. The Tribunal considered the submissions and evidence presented, focusing on whether the Company was operational at the time of deregistration, as required by Section 252(3) of the Act.
7. The Company's business activities, revenue details, income tax returns, and bank account statements demonstrated its operational status, leading to the conclusion that the conditions under Section 252(3) were met.
8. The Tribunal allowed the petition, ordering the restoration of the Company's name in the Register of Companies upon payment of costs and compliance with specified directions, including filing pending financial statements and annual returns.
9. Additional directives were issued regarding publication of the order, payment of fees, compliance with the Companies Act, potential actions by the Registrar of Companies and the Income Tax Department, and communication of the order to relevant parties.
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