DISPUTE IN PARTNERSHIP FIRM


Me and my friend Mr. A thought of starting a service centre of a MNC. Since I was working for that MNC it was easy for me to get the service centre on my behalf. We made a partnership deed in 2006 and started following up with the company. When the deal was about to be finalized, the co. asked that if the infrastructure is owned by one of the partner then it will be good. In the mean time a friend of Mr. A came in picture and he said that I will provide the infrastructure, provided you make me a partner.

We both got agreed and made Mr. B as partner. While me and Mr. B are now active partners and we both sign on the cheques etc. While I give all of my time in the business, Mr. B comes occasionally as he also has some other businesses. Even then we both take partner’s salary.

Now the interested part is this that Mr. B wants to get me out of business as business is running good and he feels that he can run it without me.

On one occasion Mr. B also got my signatures on a 100 Rs. Blank stamp paper (saying that it is required for some official purpose and I was in a hurry so I signed it)

Can he really use that for removing me out of partnership ? if so then pl. let me know how to avoid this?

After these incidents, I am also willing to get out of partnership but I want that I should get a fair amount of money for my investment (Goodwill and Investment). I had invested Rs. 5 lacs and I want to get at least 10 lacs. If the partners do not agree for this then should I go for legal action against them.

Or if somebody else is ready to give me 10 lacs in place of my partnership, can I transfer my partnership to him? What if they do not agree for this also?

 

Pl. suggest…..

 
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Student

Dear Mr.Redscorpio,

Go for either dissolution of the partnership firm or seek retirement from the same and make sure that you get all your dues settled including dues towards goodwill of the Partnership Firm.  You have not mentioned the terms and covenants of the partnership deed which could have been useful in answering your query.  Kindly see if there is any particular mode of dispute resolution (Arbitration Clause).

Best Regards

Daksh

 
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Dear Sir,

 

Thanks for your suggestion. Sir, I also wanted to know what should i do in the following situation.

Now the interested part is this that Mr. B wants to get me out of business as business is running good and he feels that he can run it without me.

On one occasion Mr. B also got my signatures on a 100 Rs. Blank stamp paper (saying that it is required for some official purpose and I was in a hurry so I signed it)

Can he really use that for removing me out of partnership ? if so then pl. let me know how to avoid this?

 

 
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