business partner cheating
8 months ago
4 people started a restuarant business where 3 of them are professionals and sleeping investors and 1 of them is active managing partner.
The 1 managing partner made false promises while opening the business and made the 3 others to invest in business
The initial estimate he showcased is 6L and on the day of opening nothing was ready with 6L he made 3 others to invest more where he dint invest anything but as per documents he made his share as 25% and took all licenses on his name.
Now the three other invested almost 10 to 12 lakhs extra on his words and he is not managing the restuarant or investing the amount.
By all his false promises the 3 other partners are in a deep finanacial loss and reputational damage in the market.
COuld you please help us how can we proceed to file a suite for his neglegence and cheating words
In a partnership business that runs on a fiduciary relationship between the partners, sleeping partners, as well as active or managing partners, are equally governed by the Deed of Partnership executed between the partners following the provisions of the Partnership Act, 1932 and equally share the accountability/ liabilities and profit and loss as per the ratio mutually agreed between the partners usually based on the volume of contribution of capital invested by individual partner in the business. So you need to go through the terms and conditions of the Deed of Partnership which is also known as the constitution, whether any terms specifying that any breach of terms and conditions of the Deed by any partner would liable him to be expelled from the partnership firm and face the legal consequence based on the nature and the impact of the breach that incurs financial loss to the business as appears in the audited statement of accounts, then in the prevailing situation, you may serve a show cause or a legal notice to the errant partner for misappropriation of business capital and mismanagement of business that incurs financial loss. Thereafter, file a criminal suit u/s.420 IPC for cheating and fraud against the errant partner before the Criminal Court for recovery of financial loss incurred by the partnership firm for dereliction and deficient service of the errant partner..If the partnership firm is registered u/s,58 of the Partnership Act with the Registrar of Firms and Societies, then the matter may be brought to the notice of the said authority
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