Legal Question in Business Law in India
We have a Partnership firm with 5 partners each having a holding of 20% registered as a Partnership firm in 1990.
Consequently the sharing holding pattern was changed as follows
Partner 1 5%
Partner 2 20%
Partner 3 25%
Partner 4 25%
Partner 5 25%
However the same changed contract although agreed upon by the partners and duly signed is not registered. Please advise if the same holds as a valid contract enforceable by law
Asked on 5/25/11, 10:13 pm
1 Answer from Attorneys
Sanjay Kalra
Sanjay Kalra & Associates
Yes it is valid contract amongst the partners only.
Answered on 5/25/11, 10:28 pm
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