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DEAR SIR, I WAS WORKED IN A COMPANY NAME M G IMPEX PRIVATE LIMITED FROM 2008 TO 2017. I HAD JOINED THERE AS ACCOUNTANT. MR SUNIL AGGARWAL IS THE OWNER OF THE COMPANY. IN 2012 HE CREATE A PARTNERSHIP FIRM ON THE NAME OF HARSH FABTEX AND INTRODUCE ME AS 1 PARTNER AND 2ND PARTNER IS MY COLLEAGUE MR VIKAS SAINI. MR VIKAS SAINI HAS LEAVE THE JOB FROM M G IMPEX IN 2014. IN 2015 SUNIL AGGARWAL OWNER OF M G IMPEX AND HIS FRIEND MR SUNIL SINGH NEEDS FUNDS FOR HIS REQUIREMENTS AND THEY APPLIED A LOAN FOR RS. 200.00 LAKH IN SYNDICATE BANK AND SANCTIONED THAT AMOUNT AND THEY USED THAT AMOUNT. BEFORE THAT SUNIL SINGH'S WIFE MRS. KUSUM SINGH AND HIS FRIEND MR. MANVEER RAWAT INTRODUCE AS PARTNERS IN HARSH FABTEX. IN AUGUST 2016 I REQUEST THEM TO RELEASE ME FROM AS DUMMY PARTNER AND THEY REMOVE ME AS PARTNER AND INTRODUCE SUNIL SINGH AS PARTNER. AFTER MODIFICATION PARTNERS ARE 1) SUNIL SINGH 2) KUSUM SINGH AND 3) MANVEER SINGH AND THEY SUBMIT THE MODIFIED DEED AT BANK. IN FEBRUARY 2017 THAT ACCOUNT WAS NPA. IN THIS REGARD PLEASE SUGGEST ME WHAT CAN I DO FOR SAFER SIDE I WILL NOT COME IN TROUBLE DUE TO THIS. PLEASE ADVISE

A. Kindly share the partnership deed to get better solutions.
ARPIT BATRA Exp: 10 Year(s) South Delhi
Rajender Prasad Experience: 4 Year(s) New Delhi
Namitabh Kothari Experience: 18 Year(s) Mumbai suburban
Kishan Dutt Kalaskar Retired Judge Experience: 32 Year(s) Bangalore
ROBERT D ROZARIO Experience: 14 Year(s) Kolkata
Deepak Bade Experience: 8 Year(s) Nanded
Is it allowed legally in India to raise funding for a LLP through crowd funding. If not which construct allows for crowd funding.

A. Dear client the answer of your question would be depend on the type of crowdfunding. Equity Crowdfunding, specifically digital equity crowdfunding platforms, is illegal. Reward-based crowdfunding and donor-based crowdfunding is not. The Securities and Exchange Board of India (SEBI) has issued laws on digital equity crowdfunding in India as “unauthorized, unregulated and illegal”.apart from this Donation Based Crowdfunding,Rewards Based Model,Equity Model,Lending Model are currently popular into investors.but combining equity plus reward based structures can immensely go a long way in attracting an investor.
Deepak Bade Exp: 8 Year(s) Nanded

Tanu Shree

Posted 2 months 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

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.
Prabhakara S K Shetty Exp: 18 Year(s) Bangalore
Abhimanyu Shandilya Experience: 13 Year(s) Kolkata
Kishan Dutt Kalaskar Retired Judge Experience: 32 Year(s) Bangalore
Deepak Bade Experience: 8 Year(s) Nanded
ROBERT D ROZARIO Experience: 14 Year(s) Kolkata

Anonymous

Posted 2 months ago

Sir, i and my partner started a business 3yrs back with mine idea and partner invested in condition that he will take his principal with interest till full amount is recovered and then share profit. From the principal 70% amount was used by both the partners to run the business. The business did not go well and we suffered a loss and we filled itr of 2 yrs as losses. The investor partner took guarantee undated cheques from me. Now the business is shut with losses and the investor partner is demanding the entire invested principal with interest. Please advise what to do and what legal proceeding can the investor partner do.

A. your query lacks some clarifications, though, as per facts available, nothing much to worry, the only worry is undated cheque
Suneel Moudgil Exp: 14 Year(s) Panipat
Deepak Bade Experience: 8 Year(s) Nanded
SUMSON .T.S Experience: 13 Year(s) Ernakulam
ROBERT D ROZARIO Experience: 14 Year(s) Kolkata

Anonymous

Posted 3 months ago

My sister has started a cloth shop with a lady friend and financed the business by taking a shop on rent and buying stocks etc. After a few months the friend has said that she can manage the shop on her own and will pay back the money in installments and she does not need my sister's association any more. She and her husband are not financially strong and cannot pay back the money regularly. She has ruthlessly cut off my sister from the partnership and we dont trust her. How do we recover the money invested in the shop or get back possession of the shop. No partnership deed was prepared.

A. dear client you can file a criminal complaint before police station against fraud and criminal breach of trust.stating all the facts and circumstances against her for the fraud she committed with you.
Deepak Bade Exp: 8 Year(s) Nanded
Rajeev RJ Experience: 16 Year(s) Thiruvananthapuram
Yusuf Mithi Experience: 3 Year(s) Mumbai suburban
Mohd Imran Experience: 3 Year(s) Faridabad
Ambrose Leo Experience: 8 Year(s) Bangalore

Abhishek Pandey

Posted 4 months ago

I am partner in a small partnership firm owning 80% shares with other two partners owning 10% each. While me and other partner ( one of the other two) diligently work to get the best returns for the firm, the other partner has turned rogue and doesn’t contribute and is only interested in his share of profit. He threatens me and has nil contribution to the company for the past 8 years but he has been collecting money from us on the pretext of shutting down partnership firm. What should be the best solution to Get him ( rouge partner ) out of the partnership firm? It is becoming very difficult to talk to him in a cordial manner and our partnership deed doesn’t have arbitration clause nor we have enough funds to pay lawyers’ fees for years. Even the 10% stake/ share to this rouge partner was a kind of incentive/ sweat equity.

A. remove him from partnership firm by passing a resolution to that effect.
Ashish Dongre Exp: 11 Year(s) Mumbai City
Vimlesh Mishra Experience: 25 Year(s) Lucknow
Kishan Dutt Kalaskar Retired Judge Experience: 32 Year(s) Bangalore

D Singh

Posted 5 months ago

Dear Sir One of my friend and myself star a work in partnership and get one rental shop and now he want to leave the partnership and he don't want to work with us so please suggest me what should i do ? and should i change my agreement or not. please reply.

A. Dissolve the partnership agreement and if provided claim for damages.Better to consult a Lawyer from panel of Vidhikarya to guide & help you all aspects of the issue quickly.
Ambrose Leo Exp: 8 Year(s) Bangalore
Ambrose Leo Experience: 8 Year(s) Bangalore
Kishan Dutt Kalaskar Retired Judge Experience: 32 Year(s) Bangalore
I and my partner started a business and we went delhi to pay a person money for starting our business, i paid him Rs. - 70,000 and he paid him 65,000. from his hand to that person hand, after that he never helped or showed interest in business. In result i backed from the business, later he starting braging i want my money back, you pay me Rs. 65,000. he bought 1 police man and now they are calling me to police station. do i have to pay him please answer me

A. Dear Sir, In general cases, partnership deed is the governing agreement between the partners. The partnership deed covers the duties and responsibilities of the partners. Please share across the deed for a further advice.
Vedant Lakhotia Exp: 2 Year(s) Kolkata
Nilanjan Chatterjee Experience: 4 Year(s) Howrah
Hello I was doing business with my one partner we have unregistered partnership deed. After business continues there is some dispute between us so my partner freeze bank debit so now we have dissolved firm and also signed dissolution deed on that we have settled of all assets except bank. On deed we have also mentioned that there is 450000 in our bank account also mention account number and branch detail. After dissolution deed my partner is denied to go bank to remove unfreeze account he thinks he will ate all bank balance but we have mentioned in dissolution deed this much amount is available in bank and this much distribution to each partner. So can I go bank directly and show them deed that give me this much amount as mention in deed or can I sue on him? Both deed partnership and dissolution is unregistered

A. You can file a suit in a civil court asking the court to direct the other partner to act as per the dissolution agreement. The non-registration of partnership does not matter. It is a bit tricky to get a stay on withdrawal of Bank funds till disposal of the suit.
Prabhakara S K Shetty Exp: 18 Year(s) Bangalore
Vedant Lakhotia Experience: 2 Year(s) Kolkata

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