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Bank accounts freeze

(Querist) 04 February 2009 This query is : Resolved 
ther is a partnership firm where ther are 5 partners ratio 30:30:20:10:10
the partners having 20:10:10 share are threating to give a dispute letter in the bank.
The partner having 20% is a lady and she is partner in other Concrete industry with her husband.
the partners having 10% each are directors of a casting company which is private limited.
One of the partner having 30% STAKE in the firm is parnter in the concrete firm to help the firm in legal matter
and he is the gurantor in the cating company.
The business is being carried out by partners with 30:30 ratio and the other 3 partners are non working but they take profits and now.the partnership firm is doing good and the other 3 partners 20:10:10 are not doing good are trying to give the dispute letter. What action can be taken to avoid the letter and even if the letter is given what should be the course of action.
Thanks in advance
R.S.Rajesh (Expert) 05 February 2009
The partner/s can give a letter to the bank to freeze the bank accountin the name of firm , in which event the operations in repect of the firm's acount will not be allowed till a fresh mandate is registred by all the partners of the firm. Therefore, try to get the matter solved amicably, unless you have no other alternative execept to take legal steps against the disputing partners.
A. A. JOSE (Expert) 06 February 2009
Mr.Rajesh is right and I support this view.


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