TMI Blog2021 (1) TMI 898X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany is facing financial problems due to COVID-19 pandemic. This Tribunal is of the opinion that it would be just and equitable to order restoration of the name of the Company in the Register of Companies - 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 the restoration of the name of the company so as to defreeze its accounts - Application allowed. - CA/121/KOB/2020 - - - Dated:- 18-1-2021 - Shri Ashok Kumar Borah, Member (Judicial) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd subsequent striking off of the name of the Company under Section 248(5) of the Companies Act has occurred on account of nonfiling of Financial Statements and Annual Returns for the Financial Years 2017-2018 and 2018-2019. 4. The Appellant further stated that the Appellant Company was active since incorporation and had been maintaining all the requisite documents and records, as per the provisions of the Companies Act, 2013. However, the business operations of the Appellant Company during the financial year 2017-2018 and 2018-2019 came to a grinding halt for some time due to paucity of funds followed by a financial crunch. It is also stated that the Appellant Company held its Annual General Meetings for the financial years ending 31st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n dated 25.06.2019 had instructed all Regional Directors and Registrars of Companies to take strike off action against companies which have failed to file Financial Statements or Annual Returns as per Chapter XVIII of the Companies Act, 2013 and have not filed application under Section 455(1) of the Companies Act, 2013 for making them as Dormant . 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 did not file its Balance Sheets and Annual Returns since 2016 and did not apply for getting dormant status. It is also stated that as per the provisions of Section 137 of the Companies Act, 2013, Financial Statements for the period ending 31.03.2017 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir statutory duties in filing the statutory returns within the due dates stipulated under the Companies Act and also for not responding to the several periodical notices within the notice periods. Therefore, the action of strike off of 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. 11. I have heard the arguments advanced by the learned PCS for the appellant through video conferencing and had gone through the report received on 18.12.2020 from the Registrar of Companies in the instant appeal as also all the annexures appended to the Appeal including the latest Balance Sheets and Financial Statements of the Company for the year e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2013, this Tribunal is of the opinion that it would be just and equitable to order restoration of the name of the Company in the Register of Companies. Hence this Tribunal pass the following order: - I. 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 the restoration of the name of the company so as to defreeze its accounts. II. The Appellant Company is directed to file all the statutory document(s) along with prescribed fees/additiona ..... X X X X Extracts X X X X X X X X Extracts X X X X
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