Expell a partner from a firm
Faizel Koya
(Querist) 25 September 2011
This query is : Resolved
One partner of the firm is done a misrepresentation ,he can expelled under section 52 Indian Partnership Act 1932.Any verdict regarding. Supreme court
Raj Kumar Makkad
(Expert) 25 September 2011
Rights where partnership contract is rescinded for fraud or misrepresentation -
Where a contract creating partnership is rescinded on the ground of fraud or misrepresentation of any of the parties thereto, the party entitled rescind is, without prejudice to any other right entitled -
a) To a lien on or a right of retention of, the surplus of the assets of the firm remaining after the debts of the firm have been paid for any sum paid by him for the purchase of a share in the firm and for any capital contributed by him.
b) to rank as a creditor of the firm in respect of any payment made by him to wards the debts of the firm and
c) To be indemnified by the partner or partners guilty of the
fraud or misrepresentation against all the debts of the
firm.
prabhakar singh
(Expert) 25 September 2011
Section is self speaking ,why are you looking for any verdict.
Devajyoti Barman
(Expert) 25 September 2011
Yes, the proof of misrepresentation is enough to substantiate the expulsion.
Sailesh Kumar Shah
(Expert) 26 September 2011
I do agree with Experts. In addition to that if you even requires citation, go to www.indiankanoon.org. here you would find lots of judgements.
Guest
(Expert) 26 September 2011
Agree with experts.
Faizel Koya
(Querist) 23 October 2011
this firm with 4 partners ,out of which 3 partners had done misrepresentation.One person will be remain.since it is partnership firm automatically firm get dissolve ,can i run the firm by incorporating a partner as per my wish ,is this possible by a court direction.
