indian partnership act

Querist : Anonymous (Querist) 18 January 2010 This query is : Resolved
when a partners of a firm introduces new partners varying the major shares of the existing firm in favour of the new partners, whether the land held by the partnership firm as a lesee amounts to transfer of the lease hold right of the land in favour of the new partners? pls rply with some judgements

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Dhiren Akbari (Expert) 18 January 2010
the leasehold rights in the name of the firm shall remains in name of the firm even after introduction of new partner with major share in the firm therefore, according to me, introduction of new partner with major share does not amount to transfer of leasehold rights of the firm. firm is a legal entity under transfer of property act and whatever rights/property belongs to firm shall always be considered as rights/property of the firm irrespective of the fact that there is some change in constitution of the firm.