Have a great day to Gentlemen's ,
I need your advice to follow the procedure under Indian Partner's act;
One of my partner embezzlement from the partnership firm and he is only the nominal contribution of the share. The deed was registered according to their sharing ratio, now the cheating partner has not interested to retired of the firm when he cheats the rest of the 2 partners, because he is good influence in the city and if he out of the firm, their relatives are confirmed as he cheater. Rest of the 2 partners have not interested to continued with him in the firm. The retired person has not willing to retired from the business due to his reputation. Remaining partners have prepared the re-constitution of the deed and to taken the signatures from the retiring partner on month ago, Now he claimed, the retired person to taken of the signature on without of interest and coercion on that time; Retired person has one of the authorized signatory on issue of cheques and he approached to the bank and blocked of the current account. Can you give the suggestion , how to proceed of this situation. We have been interested to run the business with the existing partner except the retired partner.