Raju (owner) 18 May 2012

Succession act for proprietary & partnership firm

Respected lawyers,

My father is a bussinessman. He has couple of firms, which consists of X Proprietary firm & Y & sons Partnership firm (my father & my uncle run this firm, holding is not clear to us).

I have following querry:

My family consists of 3 brothers & 1 sister. Sister is married and is in same town. I am the youngest of my brothers.

Due to some reasons my father & my family is very much unhappy with me. My fathers condition is somewhat not good & critical after he faced heart attack lately. I really do not have any access to financial info of my father as I am forced to stay in different town.

As far as my knowledge:

1. There are some land, shops & some money in bank owned by X proprietory firm.

2. There are some land, shops & some money in bank owned by Y & sons partnership firm.

I have following question.

1. As far as i know he has executed "registered will" of both of firms in name of eldest son & my sister.

2. He & my own uncle have the partnership firm, share is not disclosed.

Can I get share in his firms?

Is the "will" challenged as I am his son as my father intentionally to avoid my share in property?

Reply Follow

3 Replies

Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com)) 19 May 2012

Dear Mr.Raju,

The Will can be avoided only in two situations :-

i) Property was not self acuired by your father, even if nucleas of the property (atleast some monetary assistance meaning he did not do it from SCRATCH) came from his ancestor's then it becoms impressed with character of ancestral property and then you can file a suit for partition even during his lifetime.

ii) You can accompany the suit with a application for stay on properties and mandatory injunction for them to disclose exact assets of the father.

iii) You can also seek accounts of what income has accrued from such property all these years and ask for a share.

Point (i) is important make sure that it exists.

Feel free to talk !

Regards,

Bharat

Advocate

Ajit Singh Cheema (practising Advocate) 19 May 2012

The purpose of the will is to distinguish between ,good ,bad and the worst.As for as the self acquired property is concerned, there is no challenge to the will.In your case the reconciliation path is the best option,your parents are your parents and there should not be any EGO problem.

You may validly challenge the will if it relates to ancestral property

arya das (Lawyer) 11 July 2014

A (son) & B (mother) are partners of a firm. Originally the said partnership was formed between B (mother) and C (A's uncle). After some time, C retired from the said firm after taking lump sum money and A was introduced as a partner. While B & C were partners, a land was purchased jointly by B & C and in the balance sheet of the firm, the same was shown as firm's property. In June, 2014, a supplementary deed was made incorporating one clause that in case of death of mother (B), the said firm will cease to exist and become a proprietorship concern of the son (A). In this supplementary deed, the mother (B) does not include her heirs and all or inclusion of heirs and all portion has been deleted.

Now my query is if B dies, what would be the fate of the said landed property which was jointly purchased by B & C. What steps could be taken so that the said landed property becomes the property of A.

Regards

Arya Das, Advocate