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2021 (1) TMI 2 - Tri - Companies LawRestoration of the name of the Respondent Company in the Register of Companies maintained by the Registrar of Companies, Telangana - section 252 (3) of the Companies Act, 2013 - HELD THAT:- The Annual Balance Sheets and Financial Statements have been submitted by the Applicants for the period from 2013-14 to 2018-2019. Further, the counsel for the Applicant has also submitted copies of Assets and Liabilities, Revenue figures, profit/loss figures for various years based on the Audited Financial Statements, from which it appears that the Company continued to do business during aforesaid period, but failed to file the Annual Returns with RoC under a wrong notion of the provisions of the Companies Act, 2013 - the provisions of Section 252(3) of the Act stipulate that this Tribunal may direct restoration of a 1st Respondent Company's name, if it is just and equitable to do so. In view of the averments made and evidence placed, refusal to restore will be an excessive penalty for the over-sight on the part of the 1st Respondent Company. The 2nd Respondent (RoC, Hyderabad) is directed to restore the name of 1st Respondent Company in the Register of Companies - application allowed.
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