Partnership dispute

Satya (Querist) 01 August 2015 This query is : Resolved

I'm a partner in partnership firm with A & B Partners from 13 yrs. In 2005 I came abroad by giving GPA to my father. Since then the other partners are misleading me and my father about the business and not providing true facts.It is a large scale cotton business and they are not showing any accounts. Though they are showing profits in IT returns but they are not sharing any profits to me. They have started another business(construction)and also bought lands without my consent. Now
they want me to go out of the partnership on the pretext that I'm not a active partner and not involving in day-
day activities. There is no expulsion clause in the partnership deed and it is a registered Firm. What are my legal options? Is there any legal ground for them on me? If I want to continue in the partnership and verify accounts what is the way?

Follow Query

Report Abuse

Guest (Expert) 01 August 2015
Being a partner of a large scale cotton business, was there any valid reason for seeking free advice and not hiring services of a lawyer, when you feel that the other partners are keeping you in total dark to you and your father ans not sharing the profits?

Also, if they are keeping you in dark about the business actitivies, how you hav come to know that they are showing profit in IT returns?

If you deel there is any type of partnership dispute, better hire services of some capable lawyer to go through the details of your problem related information and documents and to help you in right perspectives.

Satya (Querist) 01 August 2015
Thanks for your response. I'm skeptical about going through a legal process in India as it could be a long battle. But if situation demands I will. I have a evidence of the numbers they have derived in IT Returns and the other business they started along with buying properties on their names. I want to know by being managing partners of one firm does they have right to start another firm without involving me in that.

Rajendra K Goyal (Expert) 01 August 2015
Try to have amicable settlement. Your partner, if does not want you to continue, you should come out and settle the accounts. Delay may complicate the matter. meanwhile obtain the copies of VAT returns, IT returns and other documents from departments / otherwise.

Engage some person expert in negotiation and audit during process of settlement of the accounts.

Guest (Expert) 01 August 2015
Very Well Advised by Mr.Rajendra K Goyal

Guest (Expert) 01 August 2015
Since it is a question of your large business, better discuss the problem in detail by taking personal appointment with some expert, instead of taking the matter in a casual manner.