Tribunal Restores Company Name under Companies Act, 2013

The Tribunal allowed the Application for restoration of the company's name, which had been struck off under Section 248 of the Companies Act, 2013. The Applicant provided evidence of active business operations and compliance with financial obligations. The Tribunal, noting the lack of objections from the Respondent, directed the Applicant to fulfill certain post-restoration conditions to ensure compliance with statutory requirements. The restoration did not automatically reinstate disqualified directors and did not limit the Respondent's power to take action for late filings, emphasizing the need for ongoing compliance with regulatory obligations.

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Issues:
Application for restoration of company name struck off by Respondent under Section 248 of Companies Act, 2013.

Analysis:
The Applicant, a shareholder of the company, filed an Application seeking restoration of the company's name in the Register maintained by the Respondent after it was struck off under Section 248 of the Companies Act, 2013. The Applicant Company was incorporated in 2014 with a specific business objective related to software solutions. The Applicant claimed that the company had been actively operating and had filed its Annual Returns until a certain financial year, failing to submit the Balance Sheet due to inadvertence, leading to the striking off of its name by the Respondent.

The Respondent, RoC, Coimbatore, reported that the Applicant Company was struck off in 2019. The Respondent did not object significantly to the restoration of the company's name, requesting certain conditions to be met, including proving business operations, filing financial statements, and providing an undertaking regarding the use of company accounts during demonetization.

The Applicant provided evidence of the company's business activities, financial statements, and income tax returns for multiple assessment years, demonstrating its continued operation. The Tribunal noted the company's tax payments and active business status before being struck off. Considering the evidence and lack of objections from the Respondent, the Tribunal decided to restore the Applicant Company's name in the Register maintained by the Respondent.

The Tribunal directed the Applicant Company to fulfill certain conditions post-restoration, including filing necessary returns, depositing funds for fees and charges, refraining from disposing of assets, and submitting an affidavit of compliance. The order clarified that the restoration did not automatically reinstate disqualified directors and did not limit the Respondent's power to take action for late filings. The shareholders were also required to submit an Undertaking regarding the use of company accounts during demonetization.

In conclusion, the Application for restoration was allowed by the Tribunal, subject to the specified directions and conditions to ensure compliance with statutory requirements under the Companies Act, 2013.

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