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Narayanbhai Rajpurohit (partner)     16 March 2021

Rules in partnership firm

We are four Partners (family members) 25% each in a family owned Partnership Firm since 1985.
One of the partner had some personel dues to clear with three of the other partner. 
The third partner (debtor) started lingring the matter since september 2020 and recently gave an application to
our bank having our Current account of the firm and stopped all transactions.We were operating day to day 
transaction of creditors and debtors and were shocked to see our balances freeze. He has threatened to close
 down our company or let his dues get waived off. We are in dilemma that holding 75 % of partnership firms 
rights what action we should take to revive our current account and take legal action against him.



Learning

 6 Replies

Real Soul.... (LEGAL)     16 March 2021

Please go throuh the partnership deed what that says, that is your giverning document. If three of the parmners are ready they can dissolve or make the other partner to retire subject to terms in partnership deed. Cannot comment anything until i see the deed

yasaswi gomes (.)     23 April 2021

Retire the partner. Having significant influence 75% matters and take legal actions. 

ashok kumar singh (Advocate)     26 April 2021

The Partnership Deed is a vital document to go through and find the resolution therein, as prescribed therein. However on your very general query in absence of your partnership deed, served a notice on such annoyed partner and thereafter take resolution between all of you being three partners and settled account of such annoyed partner and retired him from the partnership on being preparing the Deed of retirement of such annoyed partner on settlement of his accounts with the firm.

thanks

ashok kumar singh,

advocate

lawyer_rajiv (9811284735) (lawyer)     13 May 2021

This is a peculiar situation and such events are not foreseen while executing partnership deed.  You have remedies under partnership act and according to that, you may get your partnership firm dissolved or seek other remedies in accordance with law.

yasaswi gomes (.)     22 June 2021

Coming to partners, I also have an ipc doubt.

A partner was drunk and stole some money from the company in cash like 20,000₹ to buy alcohol and never caught.

B partner saw this and stole money from A 50,000₹ convincing him that he ordered special whisky bottle from foreign. 

A gave police complaint and B told the police that A stole money from him and hence, he frauded A.

A said he never did such a thing and convicted B for five years in prison. 

This is plausible treatment? because B forgot to take help from the police and took justice into his own hands (vendetta) over an incident which occurred many years ago.

Dalan Dalan   16 July 2021

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