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Judgment
Heard Mrs. S. Sarma, learned PCS for the petitioner company. Also heard Dr. R. Kumar, Registrar of Companies (in short, ROC).
The above petition is filed by the petitioner against the striking off of the name of the company, Pericarp Engineering Pvt. Ltd. from the Register of Companies. The respondent/ROC has filed its report leaving the matter to the discretion of this Tribunal and subject to giving the following directions to the applicant:
i) Comply with all statutory provisions of Companies Act, 2013 and file its statutory returns as per the Law prescribed within 30 days of the restoration order being passed.
ii) Company will not change its existing shareholders and management for a minimum period of 5 years from the date of order however, further shares can be issued to the existing shareholders only and to the legal heirs in case of their death.
iii) To pay the restoration cost of not less than Rs. 25,000/- (Rupees twenty five thousand only) payable to the Ministry of Corporate Affairs, Government of India since new company is registered with authorized Capital of Rs. 20,00,000/- (Rupees twenty lakhs only) they may have to pay registration fees.
The Advocate appearing for the petitioner requested for leniency in awarding cost keeping in mind the share capital of the company.
On hearing both the parties, we have found reason to conclude that the petitioner company has been aggrieved for having its name struck off from the Register of Companies since apparently the procedures prescribed for striking off the name of the company from the Register of Companies were not followed.
In view of the above, the prayer of the petitioner company is allowed subject to the following conditions:
i) The petitioner company shall comply with all statutory provisions of Companies Act, 2013 and file its statutory returns as per the Law prescribed within 30 days of the restoration order being passed.
ii) The petitioner company will not change its existing shareholders and management for a minimum period of 5 years from the date of order however, further shares can be issued to the existing shareholders only and to the legal heirs in case of their death.
iii) The petitioner company shall pay restoration cost of 5000/- (Rupees five thousand only) to the Ministry of Corporate Affairs, Government of India within 30 days from today.
iv) The petitioner company shall file an affidavit in due course affirming that the aforesaid directions are complied with.
The petition, accordingly, stands disposed of.