1. As being the original owners of the brand name can we still continue using it ?
Answer: yes you can do so.
2. Can we also register the same name ?
Answer: yes you can.
3. What actions can be taken against the company and within what time frame ?
Answer: (1) If you are prior user of the said trade mark, you can file a suit of passing off action against that company and get the order of injunction from the Court.
(2) You can file rectification application to rectify the impugned mark registered by that company before IPAB (Intellectual property Appellate Board).
Immediately action should be taken.