More than 2 lakh companies were de-registered by the Registrar of Companies (ROC) for not filing their yearly returns and balance sheet for three consecutive financial years. These companies faced a series of actions including de-activating the DIN of the directors. The directors of these companies are disqualified and cannot join as a director in any other company.
These companies now have the option to apply for the revival and get their compliance in place. The ROC now gives an opportunity to the directors and promoters of such companies to rectify the situation by following the given steps.
The applicant has to file a petition with the National Company Law Tribunal (NCLT) through the ROC. A prescribed form NCLT-9 has to be filled with a couple of supporting documents. Some of these documents include an affidavit verifying the petition, Certified True copy of the Power of Attorney, Affidavit on Demonetization, Directors Report, AGM Notice, Attendance Register and Minutes, Certified True Copy of the Articles of Association of the Company including others.
A date is fixed after receiving the application and the matter is heard. NCLT gives a reasonable opportunity to both parties to be heard before fixing the date. It passes an order of removal of barring the director and company’s name restoration. If satisfied, NCLT fixes a date after imposing a certain penalty.
However, the company is not automatically revived if the NCLT passes an order for restoration. Few necessary steps are required to restore the company.
A certified copy of the order has to be submitted to the ROC by the applicant within 30 days from the date or order. The company will only be considered restored once the ROC publishes the order of restoration in the Official Gazette.
Furthermore, any pending annual returns and financial statements have to be completed by the applicant with the ROC. The company will have to meet all the rules and requirements of the Companies Act, 2013.
Anyone whose company has been de-registered by the Registrar of Companies (ROC), including creditors or shareholders and workmen of such companies can apply for the revival with National Company Law Tribunal (NCLT).
The following timelines need to be met by the company that is de-registered.
Company de-registered by NCLT has 20 years from the strike off order to apply with the Registrar of Companies (ROC).
Company deregistered by ROC has 3 years from the strike off order to apply to Registrar of Companies (ROC) for revival.