is there a arbitration clause in the partnership deed?

2) if so invoke the arbitration clause

3) if there is no arbitration clause in the contract file suit for accounts

4) consult a local lawyer

Hello,

Please elaborate the factual scenario.

If you separated from the firm and have till date not tendered you resignation then they can not settle your due.

I request you to please detail the following facts:

1. Nature of the firm

2. What amount are they settling

3. What rights of your's are being violated.

Regards

If it is registered firm you can file a suit for settlement of accounts. You may visit my office in Bengaluru with prior permission of the administrators of kanoon website.

If it was an unregistered firm and that there was no arbitration clause then file a suit for accounts.

Contact a local lawyer

Regards

a right to sue for dissolution and rendition of accounts is not barred by provisions of section 69 of the Act and even if the firm is not registered

then it is better settle the matter privately.

Send a legal notice calling upon the firm to clear your dues.

In case, they fail to comply with this legal notice, you will have the option to take a legal recourse against this firm.

Dear Client,,

Give public notice of retirement to Registrar of Firms and by publication in the Official Gazette and in at least one vernacular newspaper circulating in the district where the firm to which it relates, has its place or principal place of business,

Hi , you can file a civil suit for permanent injuction and declaration ..

he true principle behind this is that there exists a fiduciary relationship between the surviving partner(s) and his former partner or the representatives of his former partner. Equity does not permit the surviving partner to trade with the property of the retired partner for his own profit. The valuation of the share of a deceased partner, should take place as at the date of realization, and not at the date of death or at the date of exit by the outgoing partner.

“If, as will usually be the case, the agreement establishes the manner in which the deceased or outgoing partner’s financial entitlement in respect of his share is to be ascertained and paid and provides for the devolution of the legal title to any partnership assets which may be vested in him, his share may properly be regarded as pure debt with effect from the date on which he ceased to be a partner.

n Kottuva S. Thulassi Ammal v RMK Ramchandra Naidu[x], it was held by the Madras HC when a partner was wrongfully expelled from the firm while the remaining members of the partnership continued the business without him, the principles of this section would apply even if the expulsion did not bring about dissolution the plaintiff was entitled to relief in the form of interest pari passu.

An outgoing partner is entitled to seek settlement of accounts and in case the partner who purchased the share of the outgoing partner has not abided by the terms therein and not paid any consideration then, he can ask for accounting, that from out of the profits and the capital, the liabilities have to be discharged first and thereafter whatever assets had been left, from out of which, the share of the partner has to be paid.

You can issue a legal notice about this and pursue the matter legally after that.

it was not a registered firm.

The rule applies equally to the unregistered firm also.

You may issue legal notice based on the relevant documents of the firm and the partnership firm activities carried out by the firm.

Question is clear