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Nipun Kumar

Posted 10 months ago

Our firm partnership firm when partnership deed executive one partner introduction his capital as his balance sheet of year1987 in balance sheet in which his all asset and liability comes in partnership firm second partner introduction rupees one lac but deed of land remain his name but his land valuation added in partnership firm as his capital and firm running in year 2003 -04 he transfer land and building of firm of asset side into his personal balance sheet without sharing land and building valuation to other partner or firm balance sheet and after his dead in 2006 his son comes in his place as partner in firm and he motation and land rent recipient in his name in place of his father now firm land acquired by government of india for nhai road construction and he claim for total compensation for land and building of firm in his head . At this position the second partner can get his share on compensation or not because first party sharing 51% and second party sharing 49% kindly reply me fast as district land officer paying compensation to fist party fully as he produce land document and land rent recipient in behalf of title of compensation amount what second party can do for getting compensation as money of firm investment in land and building of firm after 1987 to 2003 ? Is second party claim for compensation or not or he will liable to get his share in compensation amount or not kindly help reply fast

A. dear client kindly provide terms and causes of the partition deed because without seeing the same I am unable to give accurate legal advice.
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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.
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Tanu Shree

Posted 1 year 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.
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Anonymous

Posted 1 year 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
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