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2022 (7) TMI 52 - Tri - Companies LawSeeking restoration of name in the Register of Companies - Section 252 of the Companies Act, 2013 - HELD THAT:- The material available on record indicates that the failure of the Company to furnish the statutory returns with the RoC was not intentional. Apparently the Company has been carrying on its operations, as the financial statements would indicate. Unless the Company's name is restored, it will prejudicially affect its prospects and adversely influence the Directors in their future endeavours. The Shareholders of the Company as well as the Applicant are keen to carry on and perform the objects of the Company in right earnest. There have been substantial investments in the project. The Company is continuing its business. Unless the name of the Company is restored in the Register of Companies, it would suffer financially and may go out of business. The directors of the company would also face disqualification. As regards the locus standi of the Applicant to file the Application according to Section 252, it is only the company, a member, creditor or workman that has to file the Application. But this Application is filed by a Director who does not hold any shares in the Company. However, the Applicant, subsequent to the filing of the Application, filed an authorization of the shareholder by name Mr. Tirumala Satya Sridhar Kandavalli who is shown as the 90% shareholder of the Company in the annual returns - considering that the authorization is given by shareholder, who according to Section 252 of the Companies Act, 2013 can file the Application, it is held that the name of the Company should be restored in the Register of Companies. Application allowed.
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