A company offering to be dissolved under the Fast Track Scheme that was in vogue in 2000, without undergoing the elaborate process of winding up cannot later apply for restoration of its name in the register of companies.
That privilege is allowed only to those companies that are aggrieved by the order of striking off the company’s name.
In Dasaprakash (P) Ltd v Registrar 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.
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.
It obviously could not be aggrieved by its own decision.
(The author is a New Delhi-based chartered accountant)