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Q. All Partners want to withdraw

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Tanu Shree

posted 1 year ago

Q.All Partners want to withdraw
Sir, we own a pharma company in partnership of 3 members. All documentation is in my uncle's name. Recently, one of our key partners was having issues with the company having a marketing manager. The partner has less experience in the field and so there was requirement of a marketing expert in the company. But the partner is insisting upon that he alone will see the market part, but it is clear that he is not capable enough to run marketing single handedly. He invested 50 % in the company in the beginning, put a lot of effort to bring up the company along with my uncle. But, now he has left my uncle with just two options, either to handover the company to him, or pay him the capital he invested. Presently, company doesn't have any investor and company is not capable to pay him all his money. What should we do now? He tricked my uncle into this phase, and he is forcing his decisions and options. My uncle is quiting the company with a sinking heart as he put a lot of effort through discussions and meeting,but all in vain. The partner is clearly betraying on no ground and at such growing time of the company. What can we do now to save the company in our hands? Is there any penalty provision for such a betrayal by the partner? Kindly help please

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Prabhakara S K Shetty

Experience: 19 Year(s)

Responded 1 year ago

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A. ) A partnesrship is run by majority. If you are also a partner then you can side with your uncle to oppose the other person.

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ROBERT D ROZARIO

Experience: 15 Year(s)

Responded 1 year ago

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A. ) There are ways to resist hostile takeover, contact me through Vidhikarya.

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Deepak Yashwantrao Bade

Experience: 9 Year(s)

Responded 1 year ago

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A. ) Dear client we need to check out all deeds and agreements done between your partnership firm.because dissolution of partneship clause is in question for proper legal opinion.kindly go through experienced corporate lawyer through vidhikarya

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 1 year ago

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A. ) Dear Sir,
If your uncle is confident of getting business without him then somehow manage and pay his investment. Otherwise convince him to hire a expert marketing people as companies employees.

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Abhimanyu Shandilya

Experience: 14 Year(s)

Responded 1 year ago

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A. ) When you form a firm like this you usually have a partnership deed to regulate the operations, joining and exit of partners. If you have the agreement then please share with me I shall see if there is a way to stop that partner. Otherwise also you can speak to a lawyer with all details and find out a possible way to save the firm and business. Ideally a partner cannot decide in arbitrary manner to harm the business and firm. I would suggest that you go for a paid consultancy as your matter is special and will need specific advice basis the detailed information shared by you. Thanks

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