Company's Name Restoration Granted with Conditions Under Companies Act

The Tribunal granted the appeal for restoration of the Company's name in the Register of Companies under Section 252(1) of the Companies Act, 2013. The restoration was subject to conditions, including filing pending financial statements and returns, paying costs, and publishing the order in the official gazette. Failure to comply would nullify the restoration order. The judgment emphasized the importance of compliance with statutory requirements and proper representation to uphold transparency and accountability in corporate governance.

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Issues:
1. Restoration of Company's name in the Register of Companies.
2. Failure to file Financial Statements and Annual Returns.
3. Allegations of lack of fair chance to represent before striking off.
4. Company's activity status and lack of a Bank Account.
5. Order for restoration and compliance conditions.

Issue 1: Restoration of Company's name in the Register of Companies
The Appellant filed a Petition under Section 252(1) of the Companies Act, 2013 seeking restoration of the Company's name in the Register of Companies. The Company was incorporated in 1960 and had failed to file Financial Statements and Annual Returns for six consecutive financial years. The Appellant argued that the Respondent did not provide a fair opportunity to represent before striking off the Company's name.

Issue 2: Failure to file Financial Statements and Annual Returns
The Company had not filed Financial Statements and Annual Returns for the financial years 2013-2014 to 2018-2019. The Appellant claimed that despite efforts to file the required forms, the Respondent published a notice under section 248(5) of the Act, leading to the Company's name being struck off and dissolved without proper representation.

Issue 3: Allegations of lack of fair chance to represent before striking off
The Appellant contended that they were not given a fair chance to respond before the Company's name was struck off. However, the Respondent submitted a sequence of events leading to the striking off, including issuing notices and publishing the Company's name on various platforms for objections. The Tribunal found the Appellant's contentions regarding lack of notice to be frivolous.

Issue 4: Company's activity status and lack of a Bank Account
Despite being an active Company, the Appellant did not have a Bank Account, raising doubts about its commercial activities. The Tribunal noted this discrepancy but allowed the restoration of the Company's name on the condition that all pending filings are completed and a voluntary striking off application is made after compliance.

Issue 5: Order for restoration and compliance conditions
The Tribunal allowed the Appellant's appeal, setting aside the order striking off the Company's name. The restoration was subject to conditions, including filing pending financial statements and returns, paying costs, and publishing the order in the official gazette. Failure to comply with the conditions would nullify the restoration order.

In conclusion, the Tribunal granted the appeal for restoration of the Company's name in the Register of Companies, emphasizing the importance of compliance with pending filings and statutory requirements. The judgment highlighted the need for proper representation and adherence to regulatory obligations to maintain transparency and accountability in corporate governance.

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