Can anybody plz explain the following clause in a partnership deed.
In case any partner desires to dispose of the business the first preference will have to be given to other partner only. However, because of any person if it could not become possible a partner to take share of the other partner and the business is agreed to sell to outsider, the amount so received shall be divided as per the ratio decided by the partners.
The LOCAL counsel that has drafted the deed and has seen the entire could have easily clarified the query.
ON the face of IT per limited understanding say; A & B are 2 parteners and B decideds to sell then 1st B shall offer to A to buy…and if A is unable or agres not to buy and both decide to sell to outsider then the proceeds shall be shared as per ratio decided by A & B.
Rest Take help of a very able LOCAL CA/counsel of unshakable repute and integrity specializing in concerned field of law e.g; Company/Civil matters as in your case, and well versed with LOCAL applicable rules/personal laws, precedence, latest judgments etc …. and worth his/her salt, and your counsel can advise you after examining all docs, evidences on record ..
There are such very able counsels at each location.
Check for such counsels at LOCAL civil courts, HC, SC…