During a partner retirement from the firm we made 3 Agreements.
1) Retirement Deed mentioning he is entitled to receive only15 Lakhs from the firm. Even in his Capital Accounts it was signed by himself as 15 Lakhs as his Investment. This deed presented before District register after 2 months & his Retirement is done. This agreement & Letterhead Agreement were made 1 month prior to unregistered agreement No. 2.
2) Unregistered agreement on 100 rs Stamp paper saying that he received 15 Lakhs & also extra 5 lakhs for a total amount of 20 lakhs was received from firm & also one Flat X which will be registered to him which the firm got out ot 8 flats through development agreement with landlord or to a 3rd party person on his behalf in a mutually understanding agreement.
3) On a firm letterhead, a separate agreement was made saying that Market value of flat x which we offered him was decided at 90 lakhs & the sale deed amount (white amount ) which is 40 lakhs should come into the firm Account either if it is registered to him or to 3rd party on his behalf & the remaining amount i. e., 50 lakhs above or below should only be taken by the retired partner.
Thus, things remained at this situation. Recently the partner sent a legal notice saying that flat should be registered without sale deed amount of 40 lakhs to him or to a 3rd party on his behalf. He is completely violating the agreement made on the Letterhead. My question is how can we register the flat to him while in the original retirement deed its only mentioned that he should only receive 15 Lakhs from the firm & how Can we register to him or Especially to some 3rd Party on his Behalf without Sale deed amount of 40 Lakhs reflecting in to the Firm Account who is no where related to Firm business ? Please help. Thank You!!!
It is better you reply the legal notice and, it appears there is dispuet in settlement of assets. He is no more a partner to your firm so he cannot interfare in partnership bussiness. But in every partnerhsip there is a clause for setllement of disputes,, if your partnership comes under an arbitration agreement then you can seek process for appointment of arbitrator and finalise the matter. COnsult a lawyer good one , i think you left some loose ends yet to be fixed.
He is not interfering with the firm business at all nor demanding he has rights in the firm. He is only violating the terms mentioned in the letterhead which is mutually agreed internally between the Partners. He is only highlighting the terms mentioned in the unregistered agreement that flat will be registered to him or 3rd on his behalf where we haven't mentioned sale deed amount should reflect in the firm Account.
Just reply him that the unregistered agrement was superceeded by the retirement registerd agreement whereby all of the issues were settled. Neither the firm or any person from the firm owes to you any thing. But if there was any such commitment you shoudl fulfill that under moral obligations. Legally it will take him life to prove naything on unregistered agreement.