Partner not sharing business profit

Priti (Querist) 27 July 2017 This query is : Resolved
Dear sir
I started a layer farm business with my cousin as partner and shared the investment 50-50 and took a loan together of Rs 90 lacs. we had a account in same bank from which loan was taken and every time of withdrawal he needs my signature. For some time everything was good but after few months he sidelined me and opened a account in a different bank and keep operating individually and took all profits. He did not share profit with me and i did not get single penny from this business. initially i ignored things as he was my younger cousin in relation but things got worse when he did not pay even the instalment of loan and i paid 32 lacs of loan to regularise the loan account. I have left going at business place but still on paper we are partners and i am feeling cheated and used. what legal action i can take in this matter. please suggest.

Follow Query

Report Abuse

Rajendra K Goyal (Expert) 27 July 2017
Try to settle matter amicably, first get rid of the Bank loan and dissolve the partnership afterwards.

Kumar Doab (Expert) 27 July 2017
It is futile to continue with dishonest partner or when trust is lost................

It shall certainly be better to remain alert, pay loan in full and dissolve such partnership.

Advocate Suneel Moudgil (Expert) 28 July 2017
agree with experts,
further you can claim your profit by filing court case

Kumar Doab (Expert) 28 July 2017
Thanks for agreeing Mr. Suneel Moudgil.

Priti (Querist) 29 July 2017
Thanks experts. That is Ok. There is no question of continuing partnership. But issue is that he refused to pay loan as well as sharing profit. Now I did not get any income from that business secondly have to pay all loan as at bank my property is mortgaged. So i am in a loss of 50-60 lacs now and he is not bothering. we tried to resolve the matter by in house discussions but failed. Can I go for auditing of business accounts and what is the procedure for that. so that i can know how much he has earned and claim my profit. Thanks