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Company's Name Restored by Tribunal under Companies Act, 2013 - Compliance, Costs, and Operations The Tribunal allowed the company's appeal for restoration of its name in the Registrar of Companies' register under section 252 of the Companies Act, ...
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Company's Name Restored by Tribunal under Companies Act, 2013 - Compliance, Costs, and Operations
The Tribunal allowed the company's appeal for restoration of its name in the Registrar of Companies' register under section 252 of the Companies Act, 2013. The company was directed to pay a cost of Rs. 25,000 to the Prime Minister Relief Fund, file all outstanding documents, complete formalities, and pay any late fees for restoration within a specified timeframe. The freezing of the company's bank accounts was lifted to enable business operations.
Issues: Restoration of Company Name in Register
1. Background and Invocation of Provisions: The appeal was filed by a company and its ex-directors under section 252 of the Companies Act, 2013, seeking restoration of the company's name in the register maintained by the Registrar of Companies, NCT of Delhi and Haryana.
2. Company Details and Regulatory Action: The company was involved in the business of AMC and trading in power conditioning equipment. The Registrar of Companies struck off the company's name due to failure in filing annual returns and financial statements after 31.03.2015, indicating non-operation of the business.
3. Reasons for Non-Compliance: The company admitted its default in statutory compliances, attributing it to lack of professional guidance and inadvertence. The company expressed willingness to file all pending audited financial statements and annual returns to resume business operations.
4. Submissions and Evidences: The company presented evidence, including audited balance sheets, bank statements, income tax returns, and cash balances, to support its claim of having assets necessitating the restoration of its name in the RoC records.
5. Responses and Regulatory Stance: The RoC did not object to the restoration if the company proved its business operations and filed financial statements with appropriate fees. The Income Tax Department did not file a reply despite multiple opportunities.
6. Legal Provisions and Tribunal Decision: Under section 252 of the Companies Act, 2013, the Tribunal may order restoration of a company's name if satisfied that the company was in operation at the time of strike-off. The Tribunal found the company to be in operation and justified the restoration based on the assets and liabilities presented.
7. Tribunal's Order and Conditions: The Tribunal allowed the petition, subject to a cost of Rs. 25,000 to be paid to the Prime Minister Relief Fund. The company was directed to file all outstanding documents, complete formalities, and pay any late fees for restoration. The freezing of the company's bank accounts was set aside to facilitate business operations.
8. Conclusion: The appeal was disposed of with the direction for restoration of the company's name in the RoC register, subject to compliance with specified conditions within a stipulated timeframe. The parties were to be served with a copy of the order for implementation.
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