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Author Topic: Prolonged litigation - partnerhsip dispute  (Read 929 times)

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Offline pscraja

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Prolonged litigation - partnerhsip dispute
« on: December 08, 2013, 12:33:30 PM »
Sudharsan Insulations is a Chennai based registered partnership company under IPA 1932. The partnership is one of “at will”. The managing partner has filed a suit seeking injunction against two partners holding 60% share (defendants)  in the firm from entering the company giving a false declaration that the partners have retired from the company. The two partners (defendants) have not given any such letter to the managing partner to that effect.  The defendants have filed a counter explaining this fact and asked the court that the managing partner should produce the supporting documents to the court.

Since these two partners find the managing partner is trying to usurp the company, have dissolved the firm under rule 43 of the Indian Partnership act and asked the banks to suspend the operations. The banks have suspended the operations after taking the legal advice from their legal cell.  The managing partner has tried to lift the suspension of accounts telling that the partners have retired from the company. But the bankers asked the managing partner to produce the documentary proof of the partners retirement. Since he could not produce, the banks have written to him that unless the proof is produced the suspension of account cannot be revoked. But the managing partner continues to run the company in the name of his prop firm using the infrastructure of the partnership company with impunity.

Unfortunately the court is not looking into that and the case is getting adjourned for the past 12 months without looking into this core issue.

May I request your help to suggest the action to be taken by these two partners to highlight this aspect to the court and seek the dismissal of the case.  Both the defendants are senior citizens.

1.Would an IA seeking the submission of proof of retirement to the court help?

2. Is there any other method by which this can be highlighted to the hon. Court and seek dismissal and exemplary punishment for filing a false affidavit?

 

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