Cheated by business partner
My father has started a wholesale cloth store with my uncle and 2 more partners. So, in total the firm has 4 partners from the beginning. Among all 4, my uncle was intellectually and ac-accountably good and was taking care of the business accounts and all the paper work like managing transaction with banks, distributorship agreements, tax filing etc, from past 30 yrs. And rest all 3 partners, being less educative were taking lesser interest in business accounts and more in sales. However, it is strange to share this that all these partner taking their share from the firm as per there family needs and not actually as per the partnership basis. Now, all the 3 partners wants to closed the partnership deed, without going into the court and to take their remaining share out of it. However, this 4th partner is not the sharing the business accounts of the previous yrs. and is not giving the remaining share to them. However it is been observe that the major profit (remaining profit) has been absorb and investment by this 4 partner for its personal benefits of all 30 yrs and that constitute almost crs of Rupees.
Now, my father wants to close this partnership legally asap, and to get his fair share from it of all those yrs. Kindly give your valuable advice, how and where i should file a case against this. And how can I get the business accounts and expenses of the firm all those yrs. from this 4th partner.
As this firm involves a sales transaction on credit basis of 1 -6 months, and that can also be turned into a bad debts (directly or indirectly affecting the share of all the partners). So, by the time this dispute gets resolved in the court, can I get the permission from the court to stop all the Sales and Purchasing of the goods. And this will also help me to closing the partnership deed outside the court.
Asked 9 years ago in Business Law
