My father and my cousin (based in Guwahati, Assam) (hereinafter referred to as "We") were in a partnership with two other persons (who are related to each other too) carrying out business in Hyderabad (Total Partners: 4). "We" exited the partnership in Mar. 2011 on the good faith that remaining partners would pay up our share in the firm and as per the partnership deed, our share would be treated as a loan to the firm payable within 6 months. Despite repeated verbal reminders, the remaining partners did not pay up our share and recently, we came to know that they've disposed of the old firm and created a new firm carrying out the same business. The remaining partners last deducted T.D.S till Mar., 2013 and last accounted for interest till this period, too.
Please advice how should we go about it, how strong is our case and what remedial action is available to us.
Thanking you in anticipation.
1 Answer from Attorneys
Dear Sir / Madam,
The valuation of the firm ought to have been done as on the date of retirement in March, 2011 of the two partners vide a Retirement Deed and the two exiting partners ought to have been paid and settled their share by the two remaining partners at that time itself. You may need to take up this matter with the Registrar of Firms citing that your share in the firm has not been settled and file a civil suit for claiming your share from the remaining two partners who have since floated a new partnership firm.
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