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2023 (1) TMI 460 - AT - Companies LawStriking off Company’s name from the Register of Companies - defaults in statutory compliances, namely, failure to file financial statements and annual returns - Section 248 (5) of the Companies Act, 2013 - HELD THAT:- The Company being in the Real Estate Development and Construction and having regard to the fact that the Company in this Appeal has come out with the plea that in the event of revival of the Company and the restoration of name of the Company in the Register maintained by the ROC, it shall file all outstanding statutory documents namely, the financial statements for the financial years and also the annual returns along with the file fees and the additional fees as applicable on the date of the actual filing, on a careful consideration of the contentions advanced by both sides, this Tribunal by exercising of sound discretion, deems it just and proper to restore the name of the Appellant Company, however, on payment of cost of Rs. 50,000/- for the laches and omissions on part of the Appellant Company’s management. Before parting of the case this Tribunal observes that the restoration of the name of the Company is subject to filing of all the outstanding documents required by law and completion of all statutory formalities including payment of any late fee for the outstanding period and any other charges leviable by ROC and also payment of cost of Rs. 50,000/- to be paid to the ‘Prime Minister’s Relief Fund’ within two weeks from today and produce the said receipt for verification before the Respondent. The name of the Company shall stand restored on the Register of ‘Registrar of the Companies’ as if the name of the Company was not struck off in accordance with Section 248 (5) of the Companies Act, 2013 - Appeal allowed.
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