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2010 (4) TMI 1168 - HC - Companies LawStrike of company name - Seeking restoration of the name of the Petitioner Company u/s 560(6) of the Companies Act, 1956 - Registrar of Companies struck the petitioner company's name off the Register due to defaults in statutory compliances, namely, annual returns for the period 30.09.2000 to 30.09.2008 and balance sheets for the period 31.03.2000 to 31.03.2008 - HELD THAT:- Looking to the fact that the petitioner is a running company, that it has filed this petition within the stipulated limitation period, and to the decision of the Bombay High Court in PURUSHOTTAMDASS VERSUS REGISTRAR OF COMPANIES [1984 (4) TMI 247 - HIGH COURT OF BOMBAY] which says that object of section 560(6) of the Companies Act is to give a chance to the company, its members and creditors to revive the company which has been struck off by the Registrar of Companies, within a period of 20 years, and to give them an opportunity of carrying on the business only after the company judge is satisfied that such restoration is necessary in the interests of justice. To my mind, this petition deserves to be allowed, although a greater degree of care was certainly required from the petitioner company in ensuring statutory compliances. Looking to the fact that annual returns and balance sheets were not filed for almost eight years, the primary responsibility for ensuring that proper returns and other statutory documents are filed, in terms of the statue and the rules, remains that of the management. To my mind, the expression "shall otherwise order" used in Rule 94, as reproduced above, means that costs may be imposed on the petitioning party which cover the costs of the "Registrar of Companies" involvement in the proceedings, but are not limited to the same, unless the Court otherwise orders. The restoration of the petitioner's name to the Register maintained by the respondent will be subject to the payment of ₹ 50,000/- as exemplary costs, payable to the common pool fund of the Official Liquidator. In addition, further costs of ₹ 11,000/- be paid to the Registrar of Companies. Costs be paid within three weeks from today. The restoration of the petitioner's name to the Register will also be subject to the completion of all formalities, including payment of any late fee or any other charges which are leviable by the respondent for the late deposit of statutory documents.
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