My Father- in-law is partner to one other person in his current small scale company.
He has his credit in the company to be 70 lacs(his own money). Recently he made a withdrawal of 30 lacs from company’s joint account. This money is invested in new business where other partner is not considered.
Is there a law provision which says we can deposit amount withdrawn from first firm to make sure we have no debt from the above withdrwal in new firm.
Do this any way mean there is a chance for legal action from the partner. Does he have any stake in the new business which is completely owned by my father-in-law.
