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2019 (9) TMI 1462 - Tri - Companies LawRestoration of the name of the Company in the Register of Companies - Section 252(3) of the Companies Act, 2013 - whether the Company was, at the time of its name being struck off, carrying on business or in operation or otherwise it is just that the name of the company be restored in the Register of Companies? - HELD THAT:- The present petition is filed by the shareholder of the Company and is within the period of 20 years from publication in the Official Gazette of notice under Section 248(5) of the Act. Despite of the fact that the company has no revenue from operations in the Financial Years 2013-14 to 2016-17, the Company has recently acquired the ownership of property bearing No. 52 A, Friends Colony East, New Delhi as a result of Arbitral Award passed by Sole Arbitrator. Now, the company has acquired this property and can utilize it to carry on its business activities. Copy of the Arbitral Award dated 28.03.2018 is a part and parcel of the record. Hence, the company has been able to show that it was carrying on business or in operation or in operation at the time of its name being struck off from the Register of Companies. In the submissions made on behalf of the ROC and the Income Tax Department, no objection to the restoration of the name of the Company, has been raised - the ingredients provided for in Section 252(3) of the Act, are satisfied. The petition is allowed and the name of the company be restored in the Register of Companies, subject to deposit of ₹ 20,000/- as costs.
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