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2021 (9) TMI 791 - Tri - Companies LawSeeking restoration of name of company in the Register of Members - non-filing of statutory returns since the Financial Year ended on 2014 onwards - Section 252(3) of the Companies Act, 2013 - HELD THAT:- Section 252(3) of the Companies Act, 2013 confers on this Tribunal powers to order to restore the name of the Company in the Register maintained, provided such application is filed by (i) the Company or (ii) by any Member or (iii) any creditor or (iv) any workmen of the Company within 20 years from the date of publication of the notices under Section 248(5) in Official Gazette about striking off of the name of such Company provided further that it is seen from the material on record that at the time of its name being struck off, the Company was doing its business or carrying its operation. In this case, the applicant produced on record the copy of Audited Annual Accounts of the Company for the period from 31.03.2014 up to 31.03.2020. As per the reports of the Profit and Loss accounts of the Company, it is evident that during the defaulting years the Company has not generated any revenue from its operations or from the business activities for which it was incorporated - It is seen from the available records that the Company is maintaining bank account with State Bank of India with Account No. 31938038734. On perusal of the application, and after hearing to the Ld. Authorised representative, we are of the view that this petition deserves sympathetic consideration, since the company has valuable land. In the facts and circumstances of the case we are satisfied that the name of the company should be restored to the register. The name of company is restored - application allowed.
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