Sale of firm property by managing partner

Querist : Anonymous (Querist) 23 March 2021 This query is : Resolved
I am the managing partner of regd partnership firm since 2009. 32% shareholding diluted with 2 UK based companies(sole directorship) 16% each in 2015. Deed was restructured by this time. Deed define me as managing partner and permits critical decisions by majority voting. The both company have given POA executed at UK & registered in India formally in 2018 which covers a clause to allow sale or buy or any other property transactions. We have a firm property, which would like to sell now. The purpose is to settle a bank Loan fully and close. With POA I can execute the sale or any other documentation to be done legally.
Your timely advice would be appreciated .

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A managing partner, in place since 2009, is seeking guidance on selling a firm property to clear a bank loan. The firm's deed allows for critical decisions via majority vote, and two UK-based companies hold significant shareholdings. These companies have provided a Power of Attorney (POA) enabling property transactions. The partner needs to understand the legal requirements, including obtaining a POA from the companies and securing written consent from all partners, to legally execute the sale.

J K Agrawal (Expert) 24 March 2021
You require POA and written consent of all other partners. (otherwise no body will purchase property by paying full amount).

kavksatyanarayana (Expert) 24 March 2021
You shall obtain a POA from the company in favour of one of the partners. Then all the partners shall execute a sale deed or other deed by paying necessary stamp duty.

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