Partnership

Janhavi Mantri (Querist) 22 April 2015 This query is : Resolved
Dear Sir,

My husband & his friend started a business (Amul shop)in July 2014 in partnership. In November 2014 his partner gave resignation as a partner and now he is demanding the entire money put in the business by him (200,000)

My husband said he is ready to give 100,000 back but full amount is not possible and the money is already spent (rent + electricity + civil work + freezer etc).

The partner's wife is a police inspector and trying to pressurized by the local police station to get the entire money back. The police officer had called my husband to police station and now he is threatening my husband and if you don't give the money back he will file a cheating case against him.

Honestly we have not cheated him. This was his decision and he left the business.

Please advice aswe have been pressurized by the police inspector.

Regards,

Janhavi

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Devajyoti Barman (Expert) 22 April 2015
If partnership deed is there then there must be mentioning of capital contributed by both partners.
Ask your husband to make counter complaint of threats and criminal intimidation. You can lodge complaint with higher authority about the atrocities of police.

Janhavi Mantri (Querist) 22 April 2015
Thank you Sir.

Rajendra K Goyal (Expert) 23 April 2015
Why your husband want to return only one lac when other party has contributed 2 lacs? Is this in accordance with the partnership deed?

If want to continue business move like a good businessman and try to return the money he has contributed. If want to close the business, try to have amicable settlement.

Guest (Expert) 23 April 2015
When your husband is getting proprietory rights, better settle the issue amicably. Take the help of a CA for preparation of accounts including profits & loss incurred so far and the assets of the firm to arrive at the balance sheet up to the date of resignation of the partner and prepare a deed for dissolution of partnership, get that registered and settle the accounts with the partner in accordance with the figures of the balance sheet.

Biswanath Roy (Expert) 27 April 2015
Rightly advised by Learned Mr.P.S. Dhingra. I appreciate his advise.

Guest (Expert) 27 April 2015
Dear Shri Biswanath ji,

Thanks for your appreciation.

T. Kalaiselvan, Advocate (Expert) 01 May 2015
Yes I too agree with the advise and opinion of expert Mr. Dhingra on the subject issue.

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