Hi,
We have a Partnership Firm by the name of M/s CA whose details are as follows:
Partnership firm was formed on 1/02/1984 --> showing the Profit & Loss sharing ratio as 60% (Partner 1), and rest all 3 partners having equal share in the remaining 40%, all the 4 partners of the aforementioned firm are blood brothers
Asset for the Partnership Firm was purchased on 18/03/1984 through joint family funds
The Firm commenced business from 1/12/1985 and was registered also on the same date In the Year 1993 , the Partnership was duly amended to reflect the Profit and Loss sharing Ratio as follows Partner 1 (25%) , Partner 2 (25%), Partner 3 (25%), Partner 4 (25%) i.e. all 4 brothers had equal shares.
However, the amended partnership deed was not registered as it was thought to be an internal family arrangement. Now, the validity of the Amended Partnership deed is being disputed by Partner 1 Holding 60% in the Original Registered Partnership deed and filed proceedings for Winding up as per original Profit Sharing ratio. Please confirm on the validity of The Amended Partnership deed i.e. of 1993 and course of action for Partners 2,3 and 4
Thanks,
