All Partners want to withdraw

5 years ago

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