Business partner locked the firm and not allowing to enter

Ramakrishna (Querist) 27 November 2016 This query is : Resolved
hi,

my business partner locked the firm and is not allowing to continue the work at firm.

upon arbitration discussions, he is forcing me either to buy or sell of share in the firm and partnership can not be carried any more.

I am not ready to sell the share as this is the only source of my living and can not carry a new business due to my age.

so i got ready to buy partner share at a regular market price.

in this scenario, he is setting/quoting a price which is not the actual market price of property and not agreeing for any other price.

to note, our partnership deed is agreed mutually but not registered in govt records.

please advise how to proceed in this scenario as approaching the police also not resulted anything

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Surrender K Singal (Expert) 28 November 2016
Do you have a written Partnership Deed ? If he is asking abnormally high price, you may have the option to get that price for your share from him, too;

Adv. Yogen Kakade (Expert) 28 November 2016
Your query has been posted at the forum also and it has been answered already.

Rajendra K Goyal (Expert) 28 November 2016
Amicable settlement is better option.

Involve relatives / society / business relations to arrive at solution.

Nobody would agree to sell the firm at market price assessed by you, negotiation is the way left.

Legal process may take time and you may not be able to carry this business till case is decided by court. Option of appeal would still be there. The firm may reach to non - reparable loss stage till then.

Rest is on you. If you want to proceed legally, discuss with local lawyer.

Kumar Doab (Expert) 28 November 2016
Such matters do get resolved on table.

Try for it.

krishna mohan (Expert) 02 December 2016
You may review the agreement for buying the share of another partner and its related clause including dissolution. Conciliation is also a legal process through which both of you can appoint a common person (expert) to mediate and guide you in reaching a workable solution within the frame work of your partnership deed. This will have the force of law once mutually agreed to by both of you.