Tribunal Orders Company Restoration & Compliance; Emphasizes Statutory Adherence

The Tribunal ordered the restoration of the Company's name in the Register of Companies, reinstatement of directors' DINs, filing of pending Financial Statements and Annual Returns, and publication of the order in the official Gazette. The Applicant demonstrated oversight in compliance rather than deliberate default, leading to the restoration decision. The Tribunal emphasized the importance of compliance with statutory requirements and directed the Applicant to ensure future adherence to the Companies Act, 2013.

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Issues involved:
- Restoration of company name in register of companies under Section 252(3) of the Companies Act, 2013
- Reinstatement of directors' DINs
- Filing of pending Financial Statements and Annual Returns
- Publication of order in the official Gazette
- Compliance with statutory requirements

Detailed Analysis:
1. Restoration of Company Name:
The Applicant, a Shareholder cum Director of the Company, filed an Application seeking restoration of the Company's name in the register of companies. The Company had failed to file Financial Statements and Annual Returns for the Financial Year 2018-19, resulting in its name being struck off by the Registrar of Companies (RoC). The Applicant presented evidence of the Company's business operations and financial status, demonstrating oversight in compliance rather than deliberate default. The Tribunal, after reviewing the pleadings and documents, found it just and equitable to order the restoration of the Company's name in the Register of Companies maintained by the RoC.

2. Reinstatement of Directors' DINs:
The Applicant also sought reactivation of the Directors' DINs, emphasizing the Company's continued business activities despite the compliance lapse. The Tribunal acknowledged the oversight in filing statutory documents and directed the Applicant to ensure timely compliance with the Companies Act, 2013 in the future. The restoration order included a requirement for the Company to file all pending Financial Statements and Annual Returns, along with Form INC 28 as per procedure.

3. Filing of Pending Financial Statements and Annual Returns:
In response to objections raised by the RoC regarding the Company's default in filing financial statements and annual returns, the Tribunal noted that the Applicant had submitted Annual Balance Sheets, Financial Statements, and other relevant documents. The Tribunal emphasized the importance of compliance and directed the Applicant to file all pending Financial Statements and Annual Returns with the RoC as per the Act and Rules, ensuring future compliance without delay.

4. Publication of Order in Official Gazette:
As part of the restoration process, the Tribunal directed the Applicant to publish the order in the official Gazette within 30 days from the date of receipt. Additionally, the Applicant was instructed to pay a cost of Rs. 25,000 to the RoC for expenses related to publication and other associated costs, further facilitating the restoration of the Company's name in the Register of Companies.

5. Compliance with Statutory Requirements:
The Tribunal's decision focused on balancing the need for regulatory compliance with the understanding of inadvertent lapses by the Company. By ordering the restoration of the Company's name and reinstatement of directors' DINs, along with the requirement to fulfill pending statutory obligations and pay associated costs, the Tribunal aimed to ensure future adherence to legal requirements while addressing the consequences of past non-compliance effectively.

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