Hello There
I would require Some EXPERT advice only, please Guide iam in a deep Trouble
I had started a partnership firm with one of my friend and his friend, In total we are 3 partners A,B & C and we had invested around 15 LAC in total
With a ratio of A= 40%, B= 40%, C= 20%-(silent partner).
I and my friend had a share of A= 40%, B= 40%.
We started this GYM (FITNESS CENTER) in the year 2006, the place was taken on rent, the rent deed was made on my friends name and we had invested around 10 Lac on interior modification & furniture
We had made a partnership deep on a stamp paper of just RS-500 and duely signed by all the 3 partners, (Notary done) , but we had not registered the deed (since proper guidance was not provided to us by the lawyer), and in the deed it was Cleary mentioned that,
· The Bank account will be operated by both the partners, and will be used for Business purpose only.
· New machinery or loan will not be taken without the consent of all the partners.
· If any partner retires he needs to give 1 month notice in advance.
As per the discussion held between all the partners we gave the right to Mr B to operate the account.
I & Mr B had decided to sell off the GYM as it was not running successfully, but at the last moment Mr B denied and told that he will run the business, he is not interested in selling it off
So I gave a verbal notice to Mr B as he was interested in running the business in may 2008 & told him to pay me my share, which he agreed on. But as there was no result I gave him a written notice on a piece of paper on APRIL 2009 That I wish to withdraw,
profit was not shared with me since 2008,.
I DID NOT receive my share of withdrawal money till date, So officially iam still a partner in the business
In the month of June 2009 Mr B sold off the old machinery and brought NEW MACHINERY ON A LOAN of RS 8 lac, without the consent of the other partners ( which was without the rule as per the partnership deed)
And as the SHOP ESTABLISHMENT LICENSE had expired, Mr B made a new license with only his name as a proprietor.
I had lended a loan of appprox Rs80,000 / - a friendly loan by using my credit card to Mr B (which Mr B promised to pay and had not yet paid, he is been paying just the minimum payment since the past 18 months, due to which my credit worthiness has been spoiled in the banking industry)
And when I checked the accounts I found around 3.5 to 4 Lac of Cash entry was missing from the records, entries was present in the BANK passbook but not in the collection book.(this was done by MR B)
Now Mr B is telling that as per the government rule there will be a deduction of 15% PA on the amount invested. & the amount invested for modifying the plot will also be deducted from my share as the plot has to be brought in its original state when we windup the business( but he is not interested in winding up the business for the next 5 years)
I am also eligible for Royalty as the business has become a good BRAND name in the market
Now please guide me the steps which I should take so that I can recover my money since I have given him a written notice in April 2009 I should receive Amount +Interest + the profit+ Royalty.
IF WE CAN STOP THE FUNCTIONING OF THE GYM, this will pressurize Mr B to pay MY MONEY FAST
PLEASE GUIDE ME WITH ACCURATE STEPS TO STOP THE FUNCTION OF THE BUSINESS WHICH WILL HELP ME RECOVER THE MONEY.
