Family property dispute

Whether the property is self-acquired by the firm or ancestral one? Is it a registered/unregistered partnership firm or HUF? What are the covenants of partership qua the property of the firm?

Show the document to a local lawyer for proper opinion, advise and proceeding.

The property is self-acquired by my father himself. The firm is registered but the partnership deed is not registered in the court. It is written on simple 10 Rs stamp paper. Me and my elder brother have 20 percent share in each name in the firm. From the begnning of the firm the partnership deed was renewed with the same clauses in every finanacial year by my eldest brother. In 2010 he added two new clauses without our knowlege that -

(1) In case of dissolution or retirement we shall not have any claim over any of the fixed assets of the firm.

(2) We shall only be entitled to our capital contributions as on the date of dissolution or retirement.

Now the problem is he is ready to give our capital amount but at the cost of retirement. In that case we will loose our right over the property which is in our fathers' name.

Please guide me.

Do not worry.  Your father and your elder brother cannot abruptly throw away you from the partnership.  You have right in the partnership.  You have not mentioned what is the percentage of shares of the partners and who is the managing partner, whether partnership is registered or not.  The partnership will be registered in the registrar of firms and not in the court.

You have not mentioned that did he add the new clauses with the permission of other partners (i.e the other three brothers, including you). If they have added without your permission, it is an offence and attracts criminal liability.  It is better to send scanned copy of the partnership deeds (earlier and newly added)  to ravinder2345@gmail.com, so that I can give complete opinion.

If you want to retire from the partnership, ask for capital amount and your 20% share in the immovable/movable properties.  Then only you retire.

Sir,

Thank you very much for taking interest in my problem. My father is the managing partner in the firm. His share is 25%. We all three brothers have 20% share each in the firm while our nephew's share is 15%, before his parnership our fathers partnership share was 40%. In 2012 our father added his name in the parntership deed which was also a result of fathers mindwashing. We accepted his share in partnership as we could not understand the planning behind it. My other brothers' son and my son are also adult but my father did not added their names in the deed.

The firm is registered in the registrar of firms, but the document on which partnership deed is written is not registered. My brother added the new clauses without the permission of the other partners. We dont know whether it was in our fathers knowlege or not. We ever trusted them. The first two pages of the deed are written on stamp papers. The 3rd and 4th pages of it are written on plain paper.Our signature were on the last page only. He cheated us from the last three years i.e. (2010-2013). Last year in 2014 he asked us to sign the every page of the deed. We did that and now I realized that was a blunder. We did not expected this from our big brother. We are helpless as our father is totally in their control. Please suggest me what is our legal stand in this situation.