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2018 (11) TMI 1859 - Tri - Companies LawSeeking restoration of name of respondent company in the Register of Companies - section 252 of Companies Act - HELD THAT:- It is required to be noted that the company is to satisfy this Tribunal about carrying on operations and business for an immediate period of two years prior to the date of striking off which in this case is evidently absent from the figures reflected in the financial statements by the company itself and is duly audited by the statutory auditor of the company. However, the agreement as entered into between the company and the society as named above clearly demonstrate that there is a scope for revival in the operations of the company and which is highlighted by the learned counsel for the petitioner during the course of his submissions constitutes a just ground for restoration of the name of the company. Any business to say the least is attendant with business cycles and a company which is at its lowest ebb at a given point of time can always rise to its potential at a future date based on the upward movement of business cycle of that industry or dependent on the general economic conditions. Thus, mere lack of operations for two years immediately proceeding the striking off of cannot be the only determining factor and this Tribunal is also required to take into consideration the scope of revival of the operations of the company and consequent revenue generation if same is demonstrated by the company before this Tribunal at the time for seeking its restoration. There being no significant objections raised by the respondent ROC in relation to the restoration of the name of the company and as well as by Income Tax, the name of the company shall be revived/ restored to the register of companies as maintained by the registrar of companies - Application allowed.
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