Respected Seniors,
The fact of the case:
Multiple Owners of a single property have entered into a Registered Joint Development of the concerned Property with a Partnership Firm M/s PQR which had 2 equal partners, Mr. A & B.
The same Owners of the Property have given a Registered Power of Attorney to Mr. A & B jointly, here being Partners of the Same Development Firm, to represent the Owners in various Departments.
Further Mr. B wants willingly to retire from the Firm, M/S PQR and a New Partner Mr. X, needs to be admitted in the Firm to continue the Development Project.
How can the Power of Attorney be modified so that the terms written is applicable to Mr. A (continuing partner) & Mr. X (New Partner) jointly?
What legal options do the existing Partner (Mr. A) has since the Owners does not want to cancel the Old Agreement and Make a New Fresh Agreement with modified Partnership Firm?
Summary:
Owners
Joint Development Agreement Holder - M/s PQR (Partnership Firm)
Partners in M/s PQR - Mr. A & Mr. B
Power of Attorney given to Mr. A & Mr . B
