The Ministry of Corporate Affairs (MCA) is taking strict actions against shell companies and companies which do not file their financial statements and annual returns regularly with ROC (Registrar of companies). Last year alone, it struck off lakhs of companies under section 248(1) of Companies Act, 2013. The government is still cleaning up the corporate field. But it has come up with a procedure to reactivate strike off company.
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There are various reasons for striking off a company, and here are the few reasons why a company struck off:
The applicant has to file an application for restoring the company whose name was struck off from the Register of the company. It can be done under section 252(3) read with rule 87A of National Company Law Tribunal (Amendment) Rules, 2017. Furthermore, a petition for restoration can be filed with NCLT within 3 years from the date of the strike-off.
The applicant has to file a list of documents under Annexure B of the NCLT Rules, 2016 required to be filed with NCLT while filing the application.
The NCLT has to hear both the sides. After the hearing, if satisfied can restore the name of the company in the record of ROC.
After the Tribunal makes an order for restoration of the company after strike off, it will direct the appellant to deliver a certified copy of the order to ROC within 30 days from order.
After the delivery, ROC has to publish the order in the official gazette. The appellant has to pay the Registrar as per the directions of the Tribunal. After this, the company has to file the pending financial statements and annual returns with the Registrar and pay the fee as per NCLT.
Lastly, the ROC has to publish the order in the official gazette.
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