TMI Blog2020 (10) TMI 290X X X X Extracts X X X X X X X X Extracts X X X X ..... f the name of company is fully substantiated within the authority under the provisions of Section 248 of the Act and deserves the protection of this Tribunal. 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 Register of Companies and take all consequential actions like change of company s status from Strike off to Active (for e-filing) and to intimate the bankers about restoration of the name of the company so as to defreeze its accounts/ It is further observed that by virtue of this order of restoration of name of Company in the register it will not entitle the Directors of the Company whose name in ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l houses and flats, buildings, godowns, office accommodations and shopping complexes. 3. The learned counsel appearing for the appellant through video conferencing stated that the company is in operation from the date of its incorporation and is still carrying on its business. The officials of the Company have physically filed Annual Returns and Audited Balance Sheets with the Registrar of Companies as per the provisions of Companies Act, 1956 upto 31st March 1999. The non-compliance of Annual Filing from the year 2000 to the last year ending was accidental and happened due to the poor understanding of the requirements of the provisions of the companies Act, 1956 (as amended Companies Act, 2013) on the part of the officials of the Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 8. It is further stated by the ROC, in the instant case, on verification of the documents of the subject company it was found that the company has not filed its Balance Sheet since incorporation viz., 1994 and had not applied for getting dormant status. It had been defaulting in filing its Financial Statements for the Financial Years ending 31.03.1995 to 31.03.2016 and Annual Returns for the years 1995 to 2016. ROC further stated that the subject company has violated the provisions of Sections 220/162/92/137 of the Companies Act, 1956/ Companies Act 2013 as the case may be. As per the provisions of Section 248 read with relevant rules, notice had been issued to the company and its directors on 17.05.2018 giving 30 days notice period. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Company for the year ending 31st March 2020 and also the Income Tax Return Acknowledgment for the Assessment Year 2001-02. 11. The provision pertaining to the restoration of the name of the Company as provided in Section 252 (3) is produced below: Section 252(3) : (3) If a company, or any member or creditor or workman thereof feels aggrieved by the company having its name struck off from the register of companies, the Tribunal on an application made by the company, member, creditor or workman before the expiry of twenty years from the publication in the Official Gazette of the notice under sub-section (5) of section 248 may, if satisfied that the company was, at the time of its name being struck off, carrying on business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent/RoC automatically to be restored to directorship except in accordance with law. III. The Appellant Company is hereby allowed to appoint the minimum required number of Directors as per the provisions of the Companies Act, 2013. IV. The Appellant Company is directed to file all the statutory document(s) along with prescribed fees/additional fee/fine as decided by Registrar of Companies within 30 days from the date on which its name is restored on the Register of Companies by the Registrar of Companies. V. The shareholders of the appellant company shall jointly submit an Undertaking to the Registrar of Companies stating therein that the accounts of the Company were not used as means to transact tainted money during the period of d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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