Tribunal restores Company's name in register under Companies Act, 2013 with specific directions The Tribunal granted the Appellant Company's petition for restoration of its name in the register of companies under Section 252 of the Companies Act, ...
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tribunal restores Company's name in register under Companies Act, 2013 with specific directions
The Tribunal granted the Appellant Company's petition for restoration of its name in the register of companies under Section 252 of the Companies Act, 2013. The Tribunal found merit in the Appellant's evidence showing business activities and determined that restoration was just and equitable, benefiting stakeholders. Specific directions were issued, including filing pending documents, paying a restoration cost, and publication requirements. The order emphasized the company's legitimacy and compliance, allowing for reinstatement while not precluding further legal actions by the Registrar of Companies for other violations. Compliance with legal formalities and regulatory obligations was mandated for the restoration process.
Issues: - Restoration of name of struck off company in register of companies under Section 252(1) of the Companies Act, 2013.
Analysis: The Appellant Company filed a petition seeking restoration of its name in the register of companies after being struck off by the Registrar of Companies (RoC) for not carrying on any business for two years. The Appellant argued that it was indeed conducting business, supported by evidence such as Income Tax returns, Annual Documents, trade receivables, and bank statements. The RoC did not object to the restoration application, and upon review, the Tribunal found merit in the Appellant's case for restoration.
The Tribunal highlighted Section 252 of the Companies Act, 2013, granting discretion to restore a struck-off company's name if it can prove just and equitable grounds. In this case, the Tribunal was satisfied that restoration was in the interest of stakeholders, including the Appellant, and the company was not involved in illegal activities. Consequently, the Tribunal ordered the restoration of the company's name in the register, emphasizing that the company was not a shell company and deserved reinstatement.
The Tribunal issued specific directions as part of the restoration order, including restoring the company's original status, filing pending statutory documents within 45 days, paying a restoration cost of Rs. 25,000, delivering a certified copy of the order to the RoC, and publishing the order in the Official Gazette. The order clarified that it pertained to the violations leading to the name being struck off and did not prevent the RoC from taking further legal actions for any other violations committed by the company.
The Tribunal disposed of the appeal, directing the Registry to send copies of the order to all parties and issuing urgent certified copies upon request. The judgment concluded by setting out the terms and conditions for the restoration of the company's name, ensuring compliance with legal formalities and regulatory requirements.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
