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Anjali (Accounts)     23 December 2008

change in constitution of partnership

I need Information regrding , retirement and admission of partner in patnership firm in Mumbai , I was told I need to fill Form E, I would like to know , that in case of retirement do i need to take signature of retiring partner and if he is not available What is to be done



Learning

 3 Replies

Anand Paleja (Consultancy)     23 December 2008

Dear Anjali,


signature of retiring partner is required and if he is not available then he should give POA to someone else to sign on his behalf.

Prakash Yedhula (Lawyer)     29 December 2008

The following sections would throw some light to the query.


63. RECORDING OF CHANGES IN AND DISSOLUTION OF A FIRM. 





When a change occurs in the constitution of a registered firm, every incoming, continuing or outgoing partner, and when a registered firm is dissolved, every person who was a partner immediately before the dissolution, or the agent of every such partner or person specially authorised in this behalf shall, within a period of 90 days from the date of such change or dissolution, given notice to the Registrar of such change or dissolution, specifying the date thereof; and the Registrar shall a record of the notice in the entry relating to the firm in the Registrar of Firms and shall file the notice along with statement relating to the firm filed under section 59. 





(1A) Where a change occurs in the constitution of a registered firm, all persons, who after such change are partners of the firm, shall jointly send an intimation of such change duly signed by them, to the Registrar, within a period of 90 days from the date of occurrence of such change and the Registrar shall deal with it in the manner provided by section 61.





(2) RECORDING OF WITHDRAWAL OF A MINOR. 





When a minor who has been admitted to the benefits of partnership in a firm attains majority and elects to become or not to become a partner, and the firm is then a registered firm, he, or his agent specially authorised in this behalf, shall within a period of 90 days from the date of his election, give notice to the Registrar that he has or has not become a partner, and the Registrar shall deal with the notice in the manner provided in sub-section (1).




69A. PENALTY FOR CONTRAVENTION OF SECTION 60, 61, 62, OR 63. 





If any statement, intimation or notice under sections 60, 61, 62 or 63 in respect of any registered firm is not sent or given to the Registrar, within the period specified in that section, the Registrar may, after giving notice to the partners of the firm and after giving them a reasonable opportunity of being heard, refuse to make the suitable amendments in the records relating to the firm, until the partners of the firm pay such penalty, not exceeding ten rupees per day, as the Registrar may determine in respect of the period between the date of expiry of the period specified in sections 60, 61, 62 or as the case may be, 63 and the date of making the amendments in the entries relating to the firm. 

RAKHI BUDHIRAJA ADVOCATE (LAWYER AT BUDHIRAJA & ASSOCIATES SUPREME COURT OF INDIA)     01 January 2009

Yes, Mr. Prakash! ur knowledge is really amazing!


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