Counsel
Ask an expert!
Legal, accounting and compliance advice from qualified professionals.
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...
Wazzeer Professional Network
ProfessionalDear 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 Our MOU is like when ever I repay his amount, he will be withdrawn from his 60% stake and the firm would be mine.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.
Here I need few clarifications; 1. How can I get some more time to repay his given capital? (I need at least 1 year) 2. How to keep my wife aside from all these issues, since I am responsible for everything? 3. He is coming home and threatening the whole family with the most unparliamentary language to ladies. Kindly give me some suggestions how to face this situation.
-
Wazzeer Professional Network
ProfessionalFirst, 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 scenario is meditation where you both can come to some sort of settlement. As such if the MoU has mentioned the terms that you have stated here he has complete right to recover the whole amount. For the part where he is coming to your house and threatening you can file a criminal intimidation case against your friend in the nearest police station and you can seek protection from them. No one has the right to enter someone else's private property and threaten whatever is the situation. Hence you will get protection from Police.
In case you need a support in legal matters, things can be consulted and delivered seamlessly on Wazzeer platform -> "Get your Wazzeer"
over 4 years ago
View answer
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.
Here I need few clarifications; 1. How can I get some more time to repay his given capital? (I need at least 1 year) 2. How to keep my wife aside from all these issues, since I am responsible for everything? 3. He is coming home and threatening the whole family with the most unparliamentary language to ladies. Kindly give me some suggestions how to face this situation.
-
Wazzeer Professional Network
ProfessionalFirst, 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 scenario is meditation where you both can come to some sort of settlement. As such if the MoU has mentioned the terms that you have stated here he has complete right to recover the whole amount. For the part where he is coming to your house and threatening you can file a criminal intimidation case against your friend in the nearest police station and you can seek protection from them. No one has the right to enter someone else's private property and threaten whatever is the situation. Hence you will get protection from Police.
In case you need a support in legal matters, things can be consulted and delivered seamlessly on Wazzeer platform -> "Get your Wazzeer"
over 4 years ago
Looking to hire a professional from our handpicked community?
Explore our services, submit your request and let us do the rest for you.