Under what condition may the Registrar dissolve a company involuntarily?

The correct condition for the Registrar to dissolve a company involuntarily is when the company fails to file an annual report for two years. This regulatory requirement is in place to ensure that all companies remain accountable and transparent in their operations. When a company does not submit required reports, it can indicate a lack of compliance or operational inactivity, which prompts the Registrar to take action to maintain the integrity of the corporate registry.

Failure to file annual reports can lead to the presumption that the company is no longer conducting business or may even be defunct, which warrants the Registrar's intervention to dissolve the company to prevent it from existing in name only. This dissolution helps protect the interests of creditors, stakeholders, and the general public who rely on accurate and up-to-date information about active entities.

In contrast, conditions such as reconstituting the board, changes in ownership, or insufficient assets do not trigger mandatory dissolution procedures by the Registrar. These scenarios might affect a company's operations or management but are not direct grounds for involuntary dissolution under the law.