My dad solely invested in opening a crusher plant,and since I and my family members were in job,all the documents related to the plant was done in the name of a relative. But,unfortunately my dad expired last month,my relative now is not ready to transfer it in my name as I have left my job,but he agreed to pay certain 30000 per month for my sustainance.So,what legal agreement or documents should we sign to make this deal as default proof as it can be.
1. Why would your relative transfer it to the legal heirs of your father as he won a jackpot after your father registered the plaint in his favour.
2. If you have evidence to prove that sale consideration of the said plant was paid by your father alone then you may file a suit for declaration of your title of your father and claim succession through intestate succession.
3. It is most unlikely that your relative will sign any agreement to bind himself to pay you 30k every month.
Your relative should make you a partner in said business
2) form partnership firm wherein you woukd be entitled to 50 per cent profits of firm
3) deed of partnership should contain clauses regarding resolution of disputes , retirement of partner etc
4) get it drafted by local lawyer
My relative is under enormous pressure from all of the village,he himself acknowledges that my father has spent the amount to open the plant,but he is unlikely to transfer it in my name because the plant is his only source of income.Also,I have a partnership deed which says i will take 90 percent of profit and bear 90 percent loss,and he will take and bear 10 percent,but he says that he has not signed the deed.Also,there are 3 witnesses ,and one of them is his father and other 2 are my dad's friend. Overall,what I want is either they keep giving me some money monthly or give a lump sump amount and ,they are ready to do so ,I just want to know what if they breach the new partnership deed I am going to make with them .I mean what are the chances of me getting money if they dont honour the deed.Also,there is one catch and it is that they run an illegal crusher plant nearby and show the officials papers of my plant while surveys and all.So,they don't want to risk it by transferring it in my namem.Please suggest.
1) if your partner commits breach of contract you can issue notice if dissolution of firm
2) file suit for accounts to claim your share in profits
3) if there is arbitration clause in contract invoke said clause for resolution of disputes
Firslty, if you wish to only take the money from him then the stand of settleimg with him a good idea.
Secondly, but, if you want to take the benefit of 90 percent as per the partnership deed then you may have to file a suit for right as per the partnership deed.
Thirdly, if they have been doing illegal then even if you don’t get it on your name then also you may be in trouble as per the partnership deed.
Fourhtly, aaj him to give money and rectify the deed of partnership.
Dear client,
As per case, you need to appoint your relative as manager of the crusher and keep yourself as owner. Give him higher salary so that he admits to be manager and admits you as owner.
If they breach you can file suit for either breach of contract or specific performance of contract and recovery.
You can complaint about illegal crusher plant to concerned department.
Dear Client,
Execute the partnership being dormant partner, In this case , any liability are legal / illegal , he will be sole responsible. Any breach of new partnership can be justify by court but deed must be registered.
Even you can claim the plant by mere proving actual investment by your father. This can prove from your father I T return.
1. A proper Stamp Duty paid Registered Family Settlement Deed, may be executed with strategic clauses, that ensures your financial security and also absolves you of any liability for any illegal'ness in the Business.
Keep Smiling .... Hemant Agarwal
Sign an agreement or memorandum of understanding which record the arrangement which you have been able to strike with your relative that he'll make some monthly payment to you. Please note that it is important that you must get this agreement duly stamped and registered.
Hi
You need to make the agreement cautiously leaving no loop hole and you may ask for 90% share legally. If he refuses, you may sue him for specific performance of contract.
You can execute a Mou or joint venture agreement for the same. Rest if you feel to make it a legal entity like partnership firm or private ltd you need to follow up other procedures for the same
Then execute a promissory note with him wherein he undertakes to pay the amount. However, an agreement wherein he agrees to pay a sum on a monthly basis may not be enforced by the court if he takes the defence of coercion, so better execute a promissory note for a lump sum amount.
Since the plant is not in your father's name, the ownership cannot be claimed on the basis of his legal heirs.
Therefore you may agree to enter into an agreement with the relative taking the amount what he may give becasue fighting in a court of law may or may not fetch any desired result.
As far as the agreement you may better consult a local advocate who may suggest you the proper format and the subject based on the prevailing situation.
In such an event you may enter into a partnership agreement.
The partnership deed may be registered so that it can be enforced in a court of law when there arises a dispute.
You may have the recitals in the deed accordingly so that it is valid when it is referred before a court of law in the event of any dispute.
Discuss with your advocate on further issues.