Legal Question in Business Law in India

I had joined in a ply peeling factory in UP as a third partner on December 2012. Regarding my 33% shares in firm, i had invested Rs 4500000 in the firm as running capital. Regarding my partnership, i have only only proof of Partnership Deed in which it clearly mentioned that my partner receives Rs 4500000 from me. It is also mentioned in partnership deed that if i want to separate from the firm, i can. After a year i told him that, i do not want to be a part of firm. Now i am demanding my money, they are refusing. In all Documents like Land Registration, Ply Peeling License, Firm Current Account. i am nowhere mentioned. It shows me they made me fraud. I want to ask you sir, in behalf of Partnership Deed, can i file a court case on them to recover my investment,


Asked on 12/15/15, 9:26 pm

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

16.12.2015

Dear Sir / Madam,

Yes, filing a Court case in the UPMMC - Uttar Pradesh Metropolitan Magistrate Court for recovery of your money is advisable and recommended.

Regards,

Read more
Answered on 12/15/15, 10:19 pm
Vivek Mapara Vivek N. Mapara

Dear Sir

Entire partnership law is subject to the agreement made between the parties i..e Partnership Deed. SO all your right, title and interest in the partnership firm, its assets, property, and your share in capital would be subject to the provisions made in the Partnership Deed. However, if there is no contrary provision in the Partnership Deed, then you are entitled to claim your share in proportion to your share in the Partnership from the Partnership Assets, which includes,each and every asset in the name of Partnership, or bought in as contribution to the assets of the firm, its stocks, goodwill, etc. LESS its liability.

You can file a suit for Accounts before the Civil Court. However, if there is any provision pertaining to Arbitration in the Partnership Deed then Arbitration has to be initiated.

Should you have any questions, then feel free to contact.

Vivek N Mapara

vnmlaws.com

Read more
Answered on 12/23/15, 5:35 am


Related Questions & Answers

More Business Law questions and answers in India