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Dear Sir/Madam, I have started a small manufacturing business in March 2014. For the initial capital purpose, I have borrowed Rs. 700,000 (Seven Lakhs) from my friend, for which I had to pay Rs. 14,00,000 within 1 year (i.e. by April 2015). For his security, we wrote a partnership deed in which it was stated that he is the 60% stakeholder and I am 40%. Our MOU is like when ever I repay his amount, he will be withdrawn from his 60% stake and the firm would be mine. But due to some problems, the business was not successful and I am failed to repay this amount. I either don't want to cheat him also. I will repay his capital, but I need some time. Now he sent me a notice for the whole Rs. 14,00,000 within 15 days. Unfortunately, I put my wife as a partner and gave a blank cheque at the time of our agreement. He deposited that cheque for Rs. 14,00,000.

First, you will have to ask your wife to resign from the firm. In this way, your company will have only 2 partners. Then you both can register the partnership deed so as to make this authentic and your wife will be out of this. However, your friend has the right to recover INR14 L from you since it is mentioned in the deed. The best way in this scenar...

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