Family property

v kuppuswamy (Querist) 17 May 2012 This query is : Resolved
Some in the year 1922-1923 Sri. N.L.G migrated from Erode T.N. to Shimoga with his wife and his elder son . He had only a small amount which could be sufficient for the bread of couple of days . With the help of local people he started his bussiness of oil as a hawker . At that time his wife and elder son supported him . This went on furthur six - eight years . At this time he got furthur four sons . The names are G.V. , G.S. , G.Y. , G.A. and fifth G.K. ;. Little later with the help of elder and secod son he started an oil shop in the bazar . Latter in 1948 an oil mill was started and the bussiness and the family went on flourishing . Gradually all sons got married and had set their family and bussiness individually . G.V. settled in Shimoga whereas G.S. and G.Y. settle in Mysore . G.A. got a goverrnment service and served in various places in Karnataka . G.K. settled in Shimoga . There was an asset in the name of N.L.G measuring 92'x45' . After creating a will in 1963 dividing the asset into six parts N.L.G died . As per will G.V. got one share of 7.5'x92' and purchased the shares of three brothers who are G.S. ; G.Y. ; G.A. ;. G.K. got one share and also share of their mother . Thus G.V.'s asset was 92'x30' and G.K. got 92'x15' in this juncture G.V.'s elder son V.K. supported him in the bussiness by maintanence of accounts , delivery of goods , purchase and sales , and collection and payments of the out standings since 1956 , while he was a school boy . Due to this , his education was disturbed and discontinued the same . In 1966 he was an individual bussiness man with own lisence at Mysore and also in 1965 a partnership was formed for which G.V. and V.K. were the only two partnars G.V. got in total five sons and six daughters . G.V. had performed the marriage of all daughters according to religious customs before 1981 . V.K. ; V.R. ; V.L. ; V.S. and V.G. are the five sons . In 1971 , V.R. and V.L. jointly formed a partnership V.S. studied medicine and became a doctor and V.D. studied engeneering . In the year 1978 G.V. and all sons started an industry as per a partnership . In 1988 G.V. died at that time three elder sons were got married . In 1991 and 1993 the yonger sons marriage was performed by the elder brothers the doctor settled in practice along with his wife who is also a doctor . After the death of G.V. in 1988 all six daughters were given Rs.10,000 each in the form of fixed deposits in 1993 the industrial plot and in 1995 another plot were registered by SSI dept. of govt. of Karnataka registered in favor of the firm . In the meanwhile , since after 1989 the brothers went on purchasing assets jointly . In the bussiness firm V.K. have 55% and V.R. ; V.L. ; and V.G have 15% each other than this they have equal shares in all the assets . Now all the brothers want to depart and the assets are to be divided . Now I seek the guidelines to complete division of family , from the legal cell .
An early replay is egarly awaited .
Thanking you ,
sincerely yours
V.K.
email ID :- veekay1946@gmail.com

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Raj Kumar Makkad (Expert) 17 May 2012
It shall be better for you to engage a local civil side lawyer and show him entire paedegree and seek his advice.