Re: validity of partnership deed
Parag
(Querist) 14 August 2014
This query is : Resolved
Dear Professional Colleagues,
I have a small query:
An partnership firm was formed in Mumbai on August 01,2011. The stamp paper was dated July 27, 2011.
Subsequently , there had been admission of two more partners.
Accordingly new partnership deed was signed.
The stamp paper used for the new partnership deed was May 16, 2013 whereas it was effective from May 01, 2013.
Request your valuable advise as to whether the new partnership deed is valid & acceptable for all business purposes including opening of Bank Account.
Thanks in advance,
Regards//
Parag Shah
Devajyoti Barman
(Expert) 14 August 2014
Yes, t is very mu8ch valid and acceptable.
To induct new partner another deed is not required.
Advocate Bhartesh goyal
(Expert) 14 August 2014
It is hardly matter that stamp paper for Partnership deed was purchased later on and partnership came in effect from earlier.It can be reduce in writing later on. Partnership deed is perfectly valid and accepteble for all business purpos.
Parag
(Querist) 14 August 2014
Dear Sir,
Thanks for the prompt response.
However, the legal department of the ICICI Bank & HDFC Bank have rejected stating that the new partnership deed for admission of partners should be effective only after the issuance of stamp paper and have been asking for the Act/ case laws to support.
Anirudh
(Expert) 14 August 2014
In fact you should ask him to show/point out as to under which law it is provided that the Agreement should come into effect only on or after the date of issuance of the Stamp Paper.
Rajendra K Goyal
(Expert) 15 August 2014
The version of the Banks is not supported by law. Ask them to give rule in support of their claim.
T. Kalaiselvan, Advocate
(Expert) 20 August 2014
the bankers are wrong to reject it on the quoted grounds. A legal notice asking for the valid reason may provide a reply, however, it may attract the wrath of the bankers who may use their discretion to refuse grant of loan or other facilities to the firm.
