Partnership dispute
shyailu
(Querist) 01 November 2011
This query is : Resolved
sir,
we are 2 partners in one food organisation .i invested 6lak and he invested 20lak but total active part taken by me only he took superstockist also for this prodct.now he given complaint tht 30lak fraud has been done by me which is lie.we have perfect accounts which is audited.we have taken loan for 10lak apart from his investment and having 10lak debt for raw material.
now he want us to leave company and he went to ci police by giving complaint tht i made fraud of 30 lak.we submited ac to police but not getting justice.he given fraud accounts to us by telling tht he had taken 10rs interest frm outside and tht should be paidby me(company)which i was rejected.banker giving support but in police station ci is not giving support what should i do.i want my factory and i was ready to settle his amount in 1 year.can i give notice to him.plz help
A V Vishal
(Expert) 01 November 2011
Know your rights. When things between you and your partner first went sour, don't get bullied. However, approach an advocate specializing in business matters. After review of your partnership & business agreement as well as the applicable law, he can be able to advise both the strengths and weaknesses of your position. The worst thing that could happen is that the business could be judicially dissolved and the assets divided (or sold and the proceeds divided) between the two of you. On the other hand, if the partnership were to be judicially dissolved, it would involve court costs and would likely not bring the full value of the property. Armed with this knowledge, go into negotiations with a certain degree of confidence, yet also know that if needed to work together with your former partner so that they both could come out better.
prabhakar singh
(Expert) 01 November 2011
No more addition required to detailed answer of Mr.A.V.Vishal.
