Missing partnership doc of regd firm-property isse-pls advis

I am an ex-partner of a registered firm in Hydbad formed in 1980. The firm consisted of 14 partners and the firm purchased a large piece of immovable property(the sale deed is in the firm's name).

In 1993, a total of 4 members of my family retired and a retirement deed was executed at that time stating that a certain piece of the above immovable property will be given to us as our share which we obtained physically and have been enjoying uninterrupted ever since.

There was a change in the partnership's constitution with a few incoming and outgoing partners and on 1st April 1996, another group of 5 partners (they all belong to the same family) retired with a similar retirement deed with a certain portion of the above asset allocated to them. There are 5 other partners who are stated to be the continuing partners of the firm and they are in possession of  the original sale deed.

I need a release deed from the firm and I've been trying to discuss this issue with them. I was told that the re-constituted deed of partnership of the registered firm after the above set of  partners retired in April 1996 is missing.

How do I now go about ascertaining and getting my release document prepared? I'm afraid that the document may not be really missing but they are cooking up a story for me.

The Registrar of Firms has not been updated about any changes to the firms constitution all these years. I obtained a copy of partners and it contains the names of the 14 partners as when first constituted.

What sort of proof or documents should I ask the present partners or their auditor to provide to ascertain the present ownership of the firm? I do not think they have been filing any IT returns or maintaining book of accounts since it's just an open piece of land without any business being conducted.

Also, all the retirement, reconstitition deeds are unregistered documents executed on stamp papers.

Can I expect that the firm now contains only the names of the 5 continuing partners as I mentioned above after the deed of retirement in 1996.

Please do advise me.





Your are not logged in . Please login to post replies

Click here to Login / Register  


Search Forum:


  LAWyersclubindia Menu