Partneship issue
Durga
(Querist) 15 October 2014
This query is : Resolved
we have a small industry. for working capital purpose we entered an agreement. and opened a joint account. At that time i issued some cheques (existing account) for guaranty purpose. But thy did not invested single rupee. Now they filed a case on me section 138NI , and (FIR - court refed case)420 and 156(3) cases. recently some police officials sicked a notice on my house main door. police also calling for settlement. i dont know how to solve this problem. please guid me. here with attached draft agreement for reference.
thanks & regards
Durga
Dr J C Vashista
(Expert) 15 October 2014
Is it a properietary or private limited firm? Who is the other joint account holder?
Show the document of agreement to a local lawyer where it is mentioned that you have issued the dishonoured cheques to the drawee for security purpose.
P. Venu
(Expert) 15 October 2014
There are some missing facts. Pl. post all the relevant and material facts.
Rajendra K Goyal
(Expert) 15 October 2014
No document found attached. you should consult local lawyer, show him all the documents and proceed as per his advise.
Sankaranarayanan
(Expert) 15 October 2014
need more details related to your query
Guest
(Expert) 15 October 2014
Consult your Local Good Advocate with all Evidences Immediately and be protected.Please do not delay since the situation is not good and not in your favour.
ajay sethi
(Expert) 15 October 2014
no agreement has been attached . please consult a local lawyer before you visit police station for recording your statement
Durga
(Querist) 15 October 2014
THIS DEED OF PARTNERSHIP IS ENTERED ON 31ST JANUARY, 2013 AT HYDERABAD BY AND BETWEEN:
SRI ......................REFERRED TO AS THE PARTY OF THE FIRST PART,
........... (MANUFACTURERS OF MINERAL WATER AND AERATED WATER), HAVING ITS REGISTERED OFFICE AT PLOT ........... HYDERABAD-500 051, REPRESENTED BY ITS PARTERS :
1. SMT ........................ HYDERABAD-500 007., AND
2. SRI .......... HYDERABAD-500 007.
THE ABOVE ARE REFERRED TO AS THE PARTY OF THE SECOND PART, AND
SRI ............ HYDERABAD-500 007., REFERRED TO AS THE PARTY OF THE THIRD PART.
WHEREAS THE PARTY OF THE SECOND PART IS IN THE BUSINESS OF MANUFACTURING THE MINERAL WATER, AERATED WATER IN THE BUSINESS OF “.....”, IN THE OWN BRAND AND UNDER A FRANCHISE OF “....” BRAND, ALONG WITH THE PARTY OF THE THIRD PART WHO IS ALSO THE FAMILY MEMBER AND THE HUSBAND OF SL NO 1 OF THE PARTY OF THE SECOND PART.
AND WHEREAS THE SAID BUSINESS IS NOT RUNNING OR MAINTAINING TO ITS SCALABILITIES, AND OR DOING VERY LITTLE AMOUNT OF MANUFACTURING ACTIVITY DUE TO LACK OF REQUIRED WORKING CAPITAL. THE PARTIES OF SECOND AND THIRD PART ARE PUTTING THEIR BEST EFFORTS TO RAISE THE REQUIRED WORKING CAPITAL FROM VARIOUS SOURCES TO DO THE MANUFACTURING ACTIVITY TO REASONABLE LEVELS. HENCE, THE PARTIES HERETO ARE INVITING PARTNERS FOR THE REQUIRED WORKING CAPITAL.
WHEREAS THE PARTY OF FIRST PART IS AGREED TO RAISE THE REQUIRED WORKING CAPITAL AND ALSO AGREED TO BRING THE SAME FOR THE PROSPECTS OF THE PARTNERSHIP FIRM WITHIN A REASONABLE TIME FRAME.
HENCE THIS AGREEMENT OF PARTNERSHIP BETWEEN THE PARTIES ONE TO THREE ONLY TO SHARE THE PROFITS ON THE BUSINESS, HENCE THIS BUSINESS OF PARTNERSHIP IS ONLY FOR PROFITS.
NOW THE PARTIES HAVE AGREED TO REDUCE THE TERMS AND CONDITIONS TO THE PARTNERSHIP BUSINESS IN THIS DEED.
1. THE PARTNERSHIP SHALL COMMENCE FROM 1ST FEBRUARY, 2013.
2. THE PARTNERSHIP IS FOR ONE YEAR FROM THE ABOVE DATE AND SHALL COME TO AN END ON 31ST JANUARY, 2014.
3. THE PARTNERSHIP SHALL BE KNOWN AS “ SRI MAHALAXMI TRADERS”
4. THE PARTNERSHIP BUSINESS SHALL BE OPERATED FROM THE PREMISES .............. HYDERABAD-500 051
5. IT IS AGREED THAT THE REQUIRED WORKING CAPITAL FOR THE BUSINESS IS RUPEES THIRTY LAKHS.
6. THE PARTY OF THE FIRST PART SHALL BRING IN AN AMOUNT OF RS.THIRTY LAKHS TOWARD THE WORKING CAPITAL AS FOLLOWS:
A. RUPEES TEN LAKHS ON 1ST FEBRUARY, 2013 AND
B. RUPEES TWENTY LAKHS ON OR BEFORE 1ST MARCH, 2013.
7. THIS PROFIT SHARING SHALL BE AS FOLLOWS:
A. THE PARTY OF THE FIRST PART ---------------------------------50%
B. THE PARTY OF SECOND AND THIRD PART-------------------50%
8. THIS PARTERSHIP SHALL NOT ENVISAGE ANY LOSS, AS THE PARTY OF THE FIRST PART IS JOINING ONLY FOR PROFITS WITH THE REQUIRED WORKING CAPITAL
9. THIS PARTNERSHIP IS NOTHING TO DO WITH THE ASSETS AND LIABILITIES OF THE PARTY OF THE SECOND PART “ SRI DURGA MINERALS”, AS THIS PARTNERSHIP IS ONLY TO ATTEND THE WORKING CAPITAL REQUIREMENT
10. THE LIABILITIES OF THE PARTY OF THE SECOND PART “ SRI DURGA MINERALS” ARE ESTIMATED AS RUPEES THIRTY LAKHS, AS STATED BY THE PARTIES OF SECOND AND THIRD PART. A STATEMENT OF THE LIABILITIES SHALL BE MADE AND SIGN BY THE PARTIES OF SECOND AND THIRD AND SHALL BE ANNEXED TO THIS DEED OF PARTNERSHIP.
11. THE LIABILITIES OF THE PARTY OF THE SECOND PART SHALL NOT BE DISCHARGED FOR FIRST SIX MONTHS I.E. TILL THE END OF JULY, 2013.
12. THIS PARTNERSHIP FIRM SHALL NOT BE HAVING ANY CLAIM OR SHARE IN THE ASSETS OF THE PARTY OF THE SECOND PART, THE VALUE OF THE ASSET IS ESTIMATED AS RUPEES ONE CRORE TWENTY FIVE LAKHS AS INFORMED BY THE PARTIES OF THE SECOND AND THIRD PARTIES.
13. IT IS DECIDED THAT THE PARTY OF THE SECOND PART SHALL MAKE AN APPLICATION TO THE BANK FOR THE REQUIRED WORKING CAPITAL, AND THE PARTY OF THE FIRST PART SHALL NOT BE RAISING ANY OBJECTION FOR THE SAME.
14. THE BANK ACCOUNT SHALL BE OPENED IN THE NAME OF “ SRI MAHALAXMI TRADERS ” AND SUCH ACCOUNT SHALL BE MAINTAINED BY THE PARTY OF THE FIRST PART AND SERIAL NO 1 ( ONE ) OF THE PARTY OF THE SECOND PART JOINTLY.
15. ALL EXPENSES IN EXCESS OF RS.500/= ( RUPEES FIVE HUNDRED ONLY) SHALL BE JOINTLY SPENT WITH THE PARTY OF THE FIRST PART
16. THE PARTY OF THE FIRST PART AND THE SERIAL NO 1 OF THE SECOND PART SHALL BE THE EXECUTIVE PARTNER AND MANAGING PARTNER RESPECTIVELY FOR THIS PARTNERSHIP.
17. THE PARTIES HERETO AGREED TO DO THE BUSINESS DILIGENTLY FOR THE BENEFIT OF THE PARTNERSHIP.
18. ANY NOTICES RECEIVED BY THE PARTNERS TO THEIR RESIDENTIAL ADDRESSES SHALL BE CONSTRUED TO BE RECEIVED BY THE FIRM.
19. THE FIRM IS NOT LIABLE TO THE PERSONAL LIABILITIES OF THE PARTNERS IN THEIR INDIVIDUAL CAPACITY.
20. THE PROFIT SHALL BE ARRIVED AS A FORMULA LAID DOWN AND THE SAME IS ANNEXED TO THIS DEED AS ANNEXURE –II
21. ANY DISPUTE SHALL BE REFERRED TO ONLY AN ARBITRATOR, AND THE DECISION OF AN ARBITRATOR IS BINDING ON THE PARTIES HERETO.
22. THE PARTIES TO THIS DEED SHALL WORK FOR THE BENEFIT AND OBJECTS OF THE PARTNERSHIP.
23. THE SALES TAX SHALL NOT APPLICABLE TO THIS FIRM AS THE PARTY OF THE SECOND PART IS THE MAIN BUSINESS ENTITY AND IT IS ONLY HAVING AN OBLIGATION IN REGARD TO THE SALES TAX.
24. IN REGARD TO THE INCOME TAX IS CONCERNED THE PARTY OF THE SECOND PART IS HAVING THE LIABILITY AS THE WORKING CAPITAL PARTNER SHARE OF PROFIT SHALL BE CONSTRUED AS EXPENDITURE IN REGARD TO THE ACCOUNTING OF THE PARTY OF THE SECOND PART.
25. ANY POINT WHICH THIS DEED HAS NOT COVERED SHALL BE DISCUSSED AND TAKE A DICISION COLLECTIVELY. ANY POINT WHICH HAS NOT COVERED IN THIS DEED SHALL TO RECKON THE SAMEOR IS SILENT, THE PARTNERSHIP ACT SHALL BE CONSIDERED FOR THE SAME.
THE PARTIES ABOVE MENTIONED HAVE SIGNED THIS DEED OF AGREEMENT ON THIS DAY AND DATE FIRSTAFOREMENTIONED ABOVE BEFORE WITNESSES.
WITNESS P A R T I E S
1. PARTY OF THE FIRST PART
a)
2. b)
PARTY OF THE SECOND PART
PARTY OF THE THIRD PART
Guest
(Expert) 15 October 2014
Madam,It's Fine Still you need a support of Local Good Advocate to Protect Your Self.Understand the Situation and better Act Fast to Protect your self before thing could go out of your hands.
Dr J C Vashista
(Expert) 16 October 2014
@Durga,
You have adeqauatly been advised by the experts. You have no alternative but to engage a local lawyer and pay him professional charges, understand and stop this thread.
malipeddi jaggarao
(Expert) 16 October 2014
You have not at all given the required facts.
Partners names are kept blank. We cannot presume whether you are partner or not.
According to the deed posted by you, you are the first party, joined in the partnership and agreed to bring in the funds in a phased manner. The agreed dates are already over. You might have given the cheques in lieu of funds to be brought. They might have presented the cheques and they are bounced.
When they have presented the cheques? Without giving any information if you ask advice what advice anybody can give? come with full facts. I will help you. Otherwise, as you are in Hyderabad, I am also from the same city, you can contact over mobile 9490753458 but only between 8 pm to 9.30 pm and 7 am to 8.30 am.
Durga
(Querist) 16 October 2014
I am Second party Srl no 1.
malipeddi jaggarao
(Expert) 16 October 2014
You have not given reply to my queries. The time for fulfilling the promise by first party is more than one year old. What is the problem now?
T. Kalaiselvan, Advocate
(Expert) 18 October 2014
You may better close the query by not dragging it anymore instead you can consult your lawyer and discuss further details to arrive at a solution based on the circumstances of the case.
