HARDEEP GILL Vs. PUMPKIN STUDIO PVT LTD

JUDGEMENT

(1.) This is a petition filed by Mr. Hardeep Gill, one of the directors of Pumpkin Studio Private Limited ("Company"), the first respondent herein, for the winding up of the Company under sections 433(c), (f) and (g) of the Companies Act, 1956 ("Act"). One of the other directors, Mrs. Gurpreet Gill, has been impleaded as the second respondent. She has filed the reply to the petition on behalf of the Company.

(2.) The Company was incorporated in 2002 to carry on the multimedia centre where training was to be imparted to students and to carry on the software development. A franchise agreement was entered into by the Company with Maya Academy of Advanced Cinematics for period of five years in this behalf. Initially the petitioner and the second respondent were the only shareholders of the Company whose authorised, issued, subscribed and paid-up share capital was Rs. one lakh only; subsequently, one Taruna Ummati was inducted as a shareholder and she and the petitioner held 30% shares each, whereas respondent No. 2 held the balance 40% shares in the Company.

(3.) Soon there were allegations of mismanagement levelled by the second respondent, who was stationed in Chandigarh, against the petitioner herein, who was managing the Company's affairs in Delhi and disputes arose. The franchise agreement was terminated in 2005.