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Author :
santosh
Posted On 22 May 2012 at 17:03
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Hello Sir,
My name is santosh and we are into a joint business of 5 partners, one among us is managing partner.
Now some disputes raised between us and from last one year we r doing any business transaction in that firm, But on our all partners mutual concern we partners decided to register some of our assets to our personal name. But one main dispute not yet clarified and now our " MANAGAING PATNER OF THE FIRM SAYING THAT, HE HAD ALL RIGHTS TO SELL ALL THOSE PROPERTIES OF THE FIRM" with out the permission or concern of other partners.
Is it possible, if so what are the necessary steps we have to take to stop this.
Thanking you
Please guide me
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Expert :
Khaleel Ahmed
Posted On 22 May 2012 at 19:02
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If GPA is given to the Managing Partner, he can sell the entire property without consent of the other partners.
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Expert :
Suhail A.Siddiqui
Posted On 22 May 2012 at 21:51
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Managing partner can do all such acts which is incidental to partnership business keeping in view to the partnership business interest. U can challenge his act into court and obtain injunction in selling the property.
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Expert :
R.K Nanda
Posted On 23 May 2012 at 13:34
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No more to add.
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Expert :
PS Dhingra, dcgroup1962@gmail.
Posted On 23 May 2012 at 14:09
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Depends solely on the powers vested in the managing partner through the original partnership agreement or through GPA given by the partners later on after registration of partnership Deed. So, you may please check the contents of the Partnership Deed or any GPA, if given at some later date.
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Expert :
J K Agrawal
Posted On 23 May 2012 at 16:43
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Simply give him a notice of revoking powers. it is sufficient in all respect.
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