Forced retairment on partnership firm
11 months ago
being doing business for over 2years ...
Between partners theres suddnly some miss understanding so we been forced to get retaired from firm and we got settlement and got signed in retairment documents but after the retairment it comes to know that the settlement amount is inappropriate ... how to file againt the forced retairment and incorrect settlement amount
A.Dear Client,
A partnership business is formed on the execution of a Partnership Agreement by the partners and the relationship of partners under the Agreement is governed by the provision of the Partnership Act, 1932. Section 32 of the Act speaks about the retirement of partners. Any partner may retire: when there is a partnership at will, by serving a notice to all the existing partners, when there is an express agreement among the partners and when the consent of all the partners is given. The partnership is also governed by the general provision of the Indian Contract Act on such matters where the Partnership Act is silent.
In the absence of an agreement to the contrary, if there is a clause in the said Deed of Partnership stipulating that in case of any dispute arises between the Partners relating to business that may be resolved as per the provision of the Arbitration and Conciliation Act, 1996, then by invoking a Notice under Sec.21 of the said Act, a retired partner even on cessation of a partnership relationship with the firm, can claim settlement of the dispute through proceedings of Arbitration as per the laid down procedure of the Act. In case there is no provision alike in the deed of partnership, retired partner can take the recourse of law filing a suit before the Civil Court for appropriate releifs.
A partnership business is formed on the execution of a Partnership Agreement by the partners and the relationship of partners under the Agreement is governed by the provision of the Partnership Act, 1932. Section 32 of the Act speaks about the retirement of partners. Any partner may retire: when there is a partnership at will, by serving a notice to all the existing partners, when there is an express agreement among the partners and when the consent of all the partners is given. The partnership is also governed by the general provision of the Indian Contract Act on such matters where the Partnership Act is silent.
In the absence of an agreement to the contrary, if there is a clause in the said Deed of Partnership stipulating that in case of any dispute arises between the Partners relating to business that may be resolved as per the provision of the Arbitration and Conciliation Act, 1996, then by invoking a Notice under Sec.21 of the said Act, a retired partner even on cessation of a partnership relationship with the firm, can claim settlement of the dispute through proceedings of Arbitration as per the laid down procedure of the Act. In case there is no provision alike in the deed of partnership, retired partner can take the recourse of law filing a suit before the Civil Court for appropriate releifs.
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A.Dear Sir,
Actually the private firms use the concept “Hire and Fire”. You have no remedy but to take a chance you may go to Civil Court and claim huge amount for such untimely retirement.
Actually the private firms use the concept “Hire and Fire”. You have no remedy but to take a chance you may go to Civil Court and claim huge amount for such untimely retirement.
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