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2021 (1) TMI 722 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCHDirection to restore the name of the Company in register of Companies - Section 252(3) of the Companies Act, 2013 - direction to Respondent to place the company, directors and all other persons in the same position as nearly as may be as if the name of the company had not been struck off from the register of companies - HELD THAT:- It is seen from the pleadings and documents that not only Annual Balance Sheets and Financial Statements have been submitted by the Appellants, but a. copy of the Axis Bank i.e., A/c No. 912020061365270 for the period 01.04.2017 to 31.03.2018 has been filed. 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 Applicant's Company has been doing business but failed to file Annual Returns and Income Tax Returns due to oversight and unintentional. The provisions of Section 252(3) of the Act stipulate that this Tribunal may direct restoration of a Company's name, if it is just and equitable to do so. In view of the above evidence, refusal to restore will be an excessive penalty for the over-sight on the part of the Applicant's Company - this Tribunal is of the opinion that it would be just and proper to order the restoration of name of the Applicant's Company in the Register of Companies, maintained by the RoC Hyderabad, Telangana. The Applicant shall file all the pending Financial Statements and Annual Returns with RoC as per the Act and Rules made thereunder. It shall also comply with the provisions of the Companies Act, 2013 without any delay in future. Form INC 28 shall also be filed as per procedure - the Applicant is directed to pay the cost of ₹ 25,000/- to the RoC while submitting the documents. This is for the expenses to be incurred by RoC for publication in the Official Gazette and for other related expenses. Accordingly, the instant Application is allowed.
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