Cheating & fraud case

V S Vaswani (Querist) 19 August 2014 This query is : Resolved
One of my friend was admitted as a new partner with 5% profit sharing in a partnership firm of a construction company. His share of capital is INR 3.5 CR. However, 80% of his share was in cash transactions.

The other 4 partners have deceived him by refusing him his share of profits and do not recognize his investments. Admission of New Partnership DEED is not registered document. Additionally, they have intentionally misplaced his bills of expenses.

He fears that he may not get legal relief as there is no proof of these transactions.

Hon. Subject Matter Experts, what would be an apt legal remedy for him in such a case?

Regards
Vrinda

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Y V Vishweshwar Rao (Expert) 19 August 2014
Partnership Deed-/Deed / Instrument /admitting your friend as Partner in the Firm with signatures of other Partners- is with Your Friend !

V S Vaswani (Querist) 19 August 2014
The copies of the same are with my friend, not the original ones.

Y V Vishweshwar Rao (Expert) 19 August 2014
Whether the same is filed before the Registrar of Firms-if the Firm is Registered partnership Firm !

V S Vaswani (Querist) 19 August 2014
Yes it is; however when the partnership firm was formed in 2011, their partnership deed is registered.

Y V Vishweshwar Rao (Expert) 19 August 2014
Change in Constitution of Partnership by Admitting New Partner is filed with ROF

ABDUL RAZIQUE (Expert) 19 August 2014
yes if there is no legal proof then the plaintiff may be loser.

Biswanath Roy (Expert) 20 August 2014
Whether cash money contributed by your friend was withdrawn from his Bank A/C and shown in the pass book?
Whether such investment IN THE pARTNERSHIP was shown in his I.T. RETURN FOR THAT YEAR?
Let me know by return to give appropriate advise.

V S Vaswani (Querist) 20 August 2014
Yes Sir. Cash money contributed had been withdrawn from his bank account and shown in the passbook.

V S Vaswani (Querist) 21 August 2014
Dear Adv. Biswanath Roy: Any legal remedy of my friend's case? Vrinda

V R SHROFF (Expert) 23 August 2014
Commercial Query..
can afford Lawyers to do needful.........

V S Vaswani (Querist) 23 August 2014
What would be the legal remedy in such a case which is self explanatory?

T. Kalaiselvan, Advocate (Expert) 23 August 2014
I agree with the opinion of exert Mr. Shroff in this regard, nothing more to add.

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