7 Horse Entertainment Private Limited vs Registrar Of Companies, Mumbai

This present Petition has been filed under Section 252 (3) of the Companies Act, 2013 (Act) by 7 HORSE ENTERTAINMENT PRIVATE

LIMITED through its Director Mr. AMIT PARMESHWAR DHUPE praying for restoring the name of the company in the Register maintained by

the Registrar of Companies, Mumbai (RoC).

The Petitioner submits that the Petitioner company has been incorporated to carry out the following objects:

“To carry on the business of broadcasting, telecasting relaying, transmitting, distributing or running any picture, motion pictures, serial,

video, audio, voice or other programmes or other programmes or software, both proprietary and third party over television, radio, internet,

telecom or any other media. And produce, buy, sell, import, export to re-let on hire the same or otherwise deal in cinematographic films,

television films, video films and video cassettes, and acquire selling rights thereinâ€​

The Petitioner submits that the company was incorporated on 17.02.2015 under the Companies Act, 1956. The Company has failed to file its

Financial Statements and Annual Returns for the Financial Years 2016-17, 2017-18, 2018-19 for three years.

The Petitioner submits that the Respondent failed to send the notices required under section 248(1). The Petitioner submits that the Petitioners were

trying to file the Annual Returns and Financial Statements with the Registrar of Companies, the Petitioner was unable to file the forms. The Petitioner

checked the Master data of the Company which showed the status as struck-off. The Petitioner submits that with the Professional help the Petitioner

came to know that the Registrar of Companies, Mumbai vide public notice under section 248 (5), published the name of the Petitioner Company in the

Official Gazette on 07.09.2019.

The Petitioner submits that the Company seeks restoration of the name of the Company in the records of the Registrar of Companies, Mumbai on

the grounds as the Company is in operation and has operational assets and liabilities.

The Petitioner submits that the Petitioner Company did not receive any show cause notice from the Respondent nor any opportunity of being heard.

The Petitioner submits that the Company is active since incorporation and is also maintaining all the requisite documents.

The Petitioner submits that the Annual Returns and Financial Statements could not be filed due to inadvertence and was not done on time. The

Petitioner Company submits that the Company is active from its incorporation and is maintaining all the documents as per the provisions of the

Companies Act, 2013.

The Petitioner Company has enclosed the audited accounts for the Financial Years 2016-17, 2017-18, 2018-19 to show that it is actively involved in

the business and operations.

The Petitioner Company has also enclosed copies of the Acknowledgement of Income-Tax Returns filed with the Income-Tax Authorities for the

Assessment Year 2019-2020.

The Petitioner submits that the Company has engaged and retained a Statutory Auditor and the Company is paying the requisite fees towards the

services of the auditor. The Petitioner further submits that through Auditors report filed for the Financial Years 2016-2017, 2017-2018 and 2018-2019,

it reflects that the Company is operational and is in Business.

The Respondent, Registrar of Companies submitted his Affidavit in reply on 15.09.2020 explaining the following sequence of events leading to the

striking of the name of the company:

(a) The Respondent side issued Notice in Form STK-1 to the company and its directors informing the intention of the Registrar to strike off the name

of the Company and requesting them to submit a cause contrary to the said action within thirty days.

(b) Further, as required under rule 7 of the Companies (Removal of Name) Rules, the name of the Company was published on the website maintained

by the Ministry vide STK-5 dated 28.08.2019 and issued notices not only to the Company and the Directors of the company, but also to all

stakeholders concerned so as to receive their objections to the said intention of the Registrar to remove the name of the company.

(c) In addition to the publication of the name of the Company on the website of the Ministry, the name was also published in the Official Gazette on

07.09.2019 and in leading English newspaper “Times of India†and a widely circulated regional language in Marathi newspaper “Maharashtra

Timesâ€​ on 29.08.2019.

(d) Respondent further submits that in the absence of any representation against the proposed strike off action, the Registrar struck off the name of

the company on 28.08.2019 and the dissolution order was published on the website of the Ministry vide STK-7 on 08.11.2019.

Upon perusal of the audited accounts submitted by the Petitioner Company, it is observed that the Petitioner Company has the paid capital of the

Company is Rs. 50 lakhs, unsecured lone is Rs. 75.66 lakhs, intangible assets under development is Rs. 11.78 lakhs for the year 31.03.2019 and for the

same year the Company had generated net income of Rs. 13.23 lakhs and spend Rs. 7.31 lakhs towards employees’ benefits expanses. The

company has also earned Rs. 38.79 lakhs and spend approximately Rs. 20.47 lakhs for the year ending 31.03.2018.

As observed above, the books of the Petitioner Company reflect that Members intend to continue its business operations of the company.

Therefore, in the interest of justice the name of the company deserves to be restored in the Register of Companies maintained by the Respondent

Registrar of Companies.

Given the above facts and circumstances, we are satisfied that the prayer sought by the Petitioner company deserves to be allowed.

ORDER

Company Appeal CP No. 1085/252(1)/MB/C-II/2020 filed by Appellant/Petitioner 7 HORSE ENTERTAINMENT PRIVATE LIMITED, through its

Director Mr. AMIT PARMESHWAR DHUPE, seeking restoration of the company’s name in the Register of the Companies maintained by the

Registrar of Companies, Mumbai is allowed with the following terms.

The Respondent is directed to restore the name of the Petitioner company in the Register of Companies subject to payment of a sum of Rs. 30,000/-

(Rupees Thirty Thousand only) as cost payable in the account of “PM-CARES†fund within thirty days from the date of receipt of copy of this

order.

The company shall file all its pending financial statements and Annual Returns with all the applicable fees and late fees with the Respondent within a

period of thirty days from the date of receipt of copy of this order, failing which, this order will stand vacated automatically.