Issue him legal notice to hand over original sale deed
file reconstitution deed with register of firm duly signed by him
deed of reconstitution needs to be registered
contact a local lawyer
Partnership issues with property
Dear Sir, 1 of our friend is having preliminary allotment of land on in 2015, he has purchased for 24 lakhs in 5 years back. Due to his personal problems, he requested two of us to purchase for 48 lakhs. To streamline process, He has planned to open firm in 2018, with three members and registered firm as per partnership act with each 1/3 (33.33% each). We have received PAN, bank account also opened. Each 1 of us deposited 12 lakhs (total 24 lakhs) in company account the 24 lakhs transferred to 1st person personal account around 3 years back. We two paid remaining 24 lakhs as cash and 24 lakhs through company account and written the same in separated agreement in 2018 Finally in 2018 -We have Firm with 3 partners each 33.33% - Land allotment with our Firm name from society - Agreement of sale for purchase (offline document from1 st person to 2nd and 3rd person) -No registered document of property from society. -He has also signed reconstitution deed in 2018 with blank date______. In 2021: -As on date, we have only industrial land allotted property represented by first person. -No IT filings - due to covid, land registration delayed -recently, Society registered the allotted land on our firm name and represented by 1st person (we all 3 shares are 33.33% each) -1st person is having original sale deed and he is asking to pay again equivalent to 33%, as a surprise to remaining 2 of us. -We have re constitution deed signed by him 3 years back with ________date now we are requesting you to suggest. - Can we file reconstitution deed and change as per sec 63 to both of 2 of us? - How to collect original sale deed from him - How to challenge legally Thanks Regards
Asked 3 years ago in Business Law
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4 Answers
Reconstitution of a partnership firm takes place whenever there is a change in the profit sharing ratio among the partners, admission of a new partner, retirement of a partner and death or insolvency of a partner.
A retiring partner may be discharged from any liability to any third party for acts of the firm done before his retirement by an agreement made by him with such third party and the partners of the reconstituted firm, and such agreement may be implied by a course of dealing between such third party and the reconstituted firm after he had knowledge of the retirement.
Notices under sub-section (3) of section 32 of the company act may be given by the retired partner or by any partner of the reconstituted firm.
You can demand the return of the original title document from the retiring partner in the same notice, failing to return you can initiate action as per due process of law to retrieve the original document.
The undated reconstitution deed may be utilised for processing this subject
section 63 of The Companies Act, 2013 deals with Issue of bonus shares.
A company may issue fully paid-up bonus shares to its members, in any manner whatsoever, out of—
(i) its free reserves;
(ii) the securities premium account; or
(iii) the capital redemption reserve account:
Provided that no issue of bonus shares shall be made by capitalising reserves created by the revaluation of assets.
Yes you can do the aforesaid. You need to file a suit for challenging it legally.
This is nothing but blackmailing
File a police complaint against the 1st person
