Company's Name Restored from 'Struck off' to 'Active' by Tribunal The Tribunal ordered the restoration of a company's name in the Register of Companies, changing its status from 'Struck off' to 'Active.' The company was ...
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Company's Name Restored from 'Struck off' to 'Active' by Tribunal
The Tribunal ordered the restoration of a company's name in the Register of Companies, changing its status from 'Struck off' to 'Active.' The company was directed to pay a cost of Rs. 90,000 for revival within 30 days and file all pending statutory documents. The restoration was subject to compliance with the order, and the company was warned that further legal actions could be taken for any other violations. The Company Appeal was disposed of, with the Registrar of Companies instructed to restore the company's original status upon payment of the specified cost within the given timeframe.
Issues: Restoration of struck off company in the Register of Companies
Analysis: The case involves an application filed under Section 252(3) of the Companies Act, 2013 for the restoration of a company's name in the Register of Companies maintained by the Registrar of Companies, Hyderabad, Telangana. The company was incorporated in 2013 but failed to file Annual Returns and Financial Statements/Balance Sheets from 2013 to 2020, leading to the Registrar of Companies striking off its name in 2017. The applicant argued that the company was engaged in business activities, had held Annual General Meetings, and attempted to file Income Tax Returns and RoC Annual filings, albeit unsuccessfully due to the professional's lack of qualifications.
The Registrar of Companies, Hyderabad, in a report, confirmed the company's non-compliance with filing requirements and the decision to strike off the company's name under Section 248(1) of the Companies Act, 2013. The Tribunal noted the company's continuous failure to file returns since its inception, prompting the striking off action by the RoC. However, upon reviewing the balance sheet for the year ended on 31.03.2020, the Tribunal found it just and proper to restore the company's name in the Register of Companies, subject to payment of costs for noncompliance with filing rules.
The Tribunal directed the Registrar of Companies, Hyderabad, Telangana, to restore the company's original status and change its status from 'Struck off' to 'Active.' The company was instructed to file all pending statutory documents and pay a cost of Rs. 90,000 for revival within 30 days. The applicant was responsible for ensuring compliance with the order. The restoration was contingent upon the payment of the specified cost to the Registrar of Companies within the stipulated timeframe.
Additionally, the Tribunal clarified that the restoration order was limited to the violations leading to the striking off action and would not prevent the RoC from taking further legal actions for any other violations committed by the company. The Company Appeal was disposed of accordingly, and an urgent certified copy of the order could be issued upon compliance with formalities.
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