TMI Blog2020 (9) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... ench that it has certain assets which necessitate and justify the restoration of its name in the Register of Companies. A step as stringent as what has been taken at least requires an opportunity to the appellant to take remedial measures. Merely to disallow restoration on grounds of its failure to file annual returns would be neither just nor equitable. As per several decisions of various courts it should only be an exceptional circumstance that court should refuse restoration where the company has been struck off for its failure to file annual return as that would be excessive or inappropriate penalty for that oversight. The Registrar of Companies, the Respondent herein, is ordered to restore the original status of the Appellant Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Memorandum of Association of the Company. iii. Appellant submitted that the Registrar of Companies (Respondent herein) vide Public Notification dated 25.10.2019, struck off the Appellant Company's name due to default in statutory compliances w.r.t filing of Financial Statements and Annual Returns, thus giving the status of a Dormant Company u/s 455(1) of Companies Act, 2013. iv. Appellant also stated that the Company has been active since its incorporation and had continuously maintained all the financial accounts including financial statements and Profit Loss account as required under the Companies Act, 1956 and Rules made thereunder. It is also submitted that the Company had complied with all statutory filings with Registrar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmission, the Appellant has placed before us the following: a) Audited Balance Sheet reflecting Revenue from operations amounting to ₹ 14,711,510/-, Assets (fixed and non-current) amounting to ₹ 9,304,522/-, Total expenses including expenses on the head of employee benefit of ₹ 14,488,895/- and Cash and Cash Equivalents amounting to ₹ 707,195.33/- in account as per balance sheet of the financial year ending on 31.03.2019; b) Copy of latest Income Tax Returns filed for the assessment year 2017-18,2018-19. As per the above details, the Appellant Company is having substantial movable as well as immovable assets. Therefore, it cannot be said that the Appellant Company is not carrying on any business or operation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... grounds of its failure to file annual returns would be neither just nor equitable. As per several decisions of various courts it should only be an exceptional circumstance that court should refuse restoration where the company has been struck off for its failure to file annual return as that would be excessive or inappropriate penalty for that oversight. 11. Accordingly, the Registrar of Companies, the Respondent herein, is ordered to restore the original status of the Appellant Company as if the name of the Company has not been struck off from the Registrar of Companies and take all consequential actions such as change of Company's status from 'Strike Off to 'Active' (for e-filing), restoration of status of DIN etc. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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