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Thursday, January 27, 2011

Can a partner be ousted from the ousters?


Subject: dispute
 By: akanksha,  agra
 
Question: My husband and my father in law have started a partnership company, by taking loan against property (land belong to my father in law’s & he earned it). But my father in law does not work in the company only me and my husband is working. We are repaying the interest component and loan installment. Now my father in law is demanding the total amount from my parents, as my parents are enable to fulfill his demand now he is asking us to leave the company. My husband and myself has invested huge amount of money in the system and our 5 years of life. Do we have any right or any advantage?
Answer:  The terms and conditions of your business will be in accordance with the partnership deed entered in to between the parties as partners. (if any). You can sought injunction against your f/l for not dispossessing you. if it is against the terms in partnership deed. Move the local Munsiff court for injunction. But you cannot oust him from the affairs aslong he is also a partner.

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