Selling of rights in a partnership firm by a partner to a investor .
Sadhana Patil
(Querist) 05 October 2013
This query is : Resolved
Hi! to All
I would like to understand, that how can a partner in a registered partnership firm can sell his share of rights to a investor .
1) A and B are partners in a property (Land)they have equal rights and share that's 50% share in the property ,how can B sell his share to an investor .
2) A and B purchased a property (Land)and are developing the property .
3) Now A and B are not in good terms now with each-other therefor B has decided to sell his share and move ahead .
4) A has cheated B by not giving proper accounts and threatening B to forget his rights .
5) Therefor B stopped the official account of the partnership firm and filed a case against A in the court of Law .
6) Now A opens a fraud account in some other bank in the same name as the partnership firm is known in the partnership deed without informing B and A is the only individual who is operating the account .
7) A without informing B started selling the flats in the property and sold 30% of the flat and transfers the amount in his fraud account. which seems legally wrong.
8) Now how can B get a stay (permanent injunction) in the property and under which act does it stand and what has to mentioned in it so that he can get a proper relief from the court . do he need to make the purchasers of the flat as parties in the case filled .
8) B is now tired of A and his nonsense therefor would like to sell his rights to a investor who is aware of the situation and is willing to buy his share in less .
Humbly requesting all to please advise and enlighten me on this situation .
ajay sethi
(Expert) 05 October 2013
commercial query . you can afford legal fees
R.K Nanda
(Expert) 05 October 2013
consult ur co.LA.
Raj Kumar Makkad
(Expert) 05 October 2013
The existing partnership shall have to be dissolved and the accounts thereon shall have to be settled and thereafter a new partnership firm can be got formed and registered.
prabhakar singh
(Expert) 05 October 2013
IN VIEW OF your para that reads"5) Therefor B stopped the official account of the partnership firm and filed a case against A in the court of Law " SANITY DEMANDS NO ADVICE WITHOUT BEING AWARE OF THE BRIEF.
Hemant Agarwal
(Expert) 07 October 2013
1. Subject to the clauses in a registerd Partnership Deed, Partner "B" can sell his ratio of Partnership (alongwith all Interest and good-will), to either partner "A" .OR. to another unknown partner (with or without the consent of parner "A".
2. In some agreements, the retiring /resigning partner has to seek "No First Buy" consent from the remaining active partner.
Keep Smiling .... Hemant Agarwal
http://hemantagarwal21.blogspot.in/?view=sidebar
Sadhana Patil
(Querist) 08 October 2013
Thanks All ,
I appreciate that you gave me a good advise.
