M/S. DASAPRAKASH PVT LTD. V/S THE REGISTRAR OF COMPANIES, TAMIL NADU, (High Court of Madras, C.P. NO. 31 OF 2012.)
A Company offering to be dissolved under the Fast Track Scheme without undergoing the elaborate process of winding up cannot later apply for restoration of its name in the Register of Companies. The Madras High Court rejected the plea of the petitioner that it had the right to apply for restoration within 20 years, as envisaged by Section 560 of the Companies Act, 1956.Reason:
That privilege is allowed in exceptional cases and only to those Companies that are aggrieved by the order of striking off the Company’s name.
The Court pointed out that it was not the case of the Company that it was aggrieved by the order of any authority — the sine qua non for being eligible to apply for restoration within 20 years. On the contrary, the Company itself had voluntarily come forward to be struck off the Register of Companies and hence could not be aggrieved by its own decision.