DEED OF PARTNERSHIP RETIREMENT AND RE - CONSTITUTION
THIS DEED OF PARTNERSHIP RETIREMENT AND RE-CONSTITUTION made at
Mumbai on this _____ day of _______________ 2010 by and between;
1)SHRI..SHUBHASH RAGHUNATH RAUT , Hindu Adult, Indian Inhabitant of Mumbai
residing at ……………………………………………., 2) SHRI..SHIRISH RAGHUNATH
RAUT. , Hindu Adult, Indian Inhabitant of Mumbai residing at
…………………………………………….,3)SHRI.SURESH GURUNATH PUJAR, Hindu
Adult, Indian Inhabitant of Mumbai residing at …………………………………………….,
4)SHRI.VASANT GURUNATH PUJAR, Hindu Adult, Indian Inhabitant of Mumbai
residing at ……………………………………………., herein after called the party of
FIRST PART herein after called as "THE RETIRING PARTNERS"
AND
SHRI.NANDKUMAR MUKUND PATIL , Hindu Adult, Indian Inhabitant of Mumbai
residing at ……………………………. herein after called the party of SECOND PART
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hereinafter called as "THE CONTINUING PARTNER".
3) SHRI ARUNI PATIL Hindu Adult, Indian Inhabitant of Mumbai residing at FLAT
………………………………………., herein after called the party of THIRD PART herein
after called as "THE INCOMING PARTNER ".
I) WHEREAS 1)SHRI..SHUBHASH RAGHUNATH RAUT , 2) SHRI..SHIRISH
RAGHUNATH RAUT. , 3)SHRI.SURESH GURUNATH PUJAR, 4)SHRI.VASANT
GURUNATH PUJAR, and SHRI.NADKUMAR MUKUND PATIL were carrying on the
business of partnership under the name and style of M/S. SAHYADRI LAND
DEVELOPMENT AND FINANCE AGENCY according to the terms and condition
contained in the Deed of partnership dated ………………………..
II) That pursuant to the desire of 1)SHRI..SHUBHASH RAGHUNATH RAUT , 2)
SHRI..SHIRISH RAGHUNATH RAUT. , 3)SHRI.SURESH GURUNATH PUJAR,
4)SHRI.VASANT GURUNATH PUJAR to retire from the said Firm and pursuant to the
desire of SHRI ARUNI PATIL to join the said Firm a settlement has been arrived at
between the parties hereto with regard to the terms of re-constitution and the subsequent
take-over of business by the remaining partner and the incoming partner have been mutually
settled and finalized.
V) That nothing remains due and payable by the remaining partners to the retiring
partner for her shares in the said partnership business and whereas the parties hereto have
agreed to execute these present for the purpose of recording the terms and conditions on
which take-over of the said business by the remaining partner and the incoming partner and
re-constitution amongst themselves have been agreed upon.
NOW THEREFORE THIS INDENTURE WITNESSETH and it is hereby agreed and
declared among the parties hereto as follows:-
1) That the Retiring Partner as above do hereby confirm to her having retired and
withdrawn with effect from …………………. from the partnership constituted by virtue of
Deed of Partnership dated …………….. under the name and style M/S. SAHYADRI
LAND DEVELOPMENT AND FINANCE AGENCY between the Retiring Partner and
the Continuing Partner.
2) The Retiring Partner shall not use the name and Goodwill of the said partnership
business of M/S. SAHYADRI LAND DEVELOPMENT AND FINANCE AGENCY.
3) That the Continuing Partner and the incoming partner have taken over the said
business of M/S. SAHYADRI LAND DEVELOPMENT AND FINANCE AGENCY as a
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going concern together with all the debts and liabilities of the date of Re-constitution AND
THE RETIRING PARTNER SHALL HAVE NO LIABILITY FOR THE PAST OR
FUTURE LIABILITIES OF THE PARTNERSHIP CONCERN and the all liabilities shall
be the exclusive responsibility of the Continuing Partner and the incoming partner . The
Continuing Partner and the incoming partner hereby agree to indemnify, the said Retiring
Partner against any claims, demands, actions, losses and other costs and charges expenses
that the Retiring Partners may suffer or incur in connection with the said debts and liabilities
taken over by the Continuing Partner and the incoming partner . The Retiring Partner
declares that they have not incurred any debts or liabilities in the name of and on behalf of
the partnership firm which are not entered or shown in the books of account of the
partnership.
6) The Continuing Partner and the incoming partner have taken over and are
exclusively entitled to the Goodwill and the name of the said business carried on in the name
and style of M/S. SAHYADRI LAND DEVELOPMENT AND FINANCE AGENCY at
the same place of business.
7) The Retiring Partners, as above has relinquished in favour of the incoming Partners
and their shares, rights, claims, interest and goodwill of the said business and in the assets
and properties, including the debts receivable by the Firm , deposits and outstanding
receivable by the partnership business all stand relinquished in favour of the incoming
partner .
8) The Retiring Partners as above shall have now no right, title, claim or interest in any
of the assets or properties of the said firm including debts, deposits or outstanding due to the
said firm of M/S. SAHYADRI LAND DEVELOPMENT AND FINANCE AGENCY and
the continuing partner and the incoming partner have now become entitled to recover and
receive and to retain the same for its use and benefit as successor-in-interest of the firm and
the said firm stands reconstituted on the following terms and conditions :-
1) Name of the business:
The. Partnership should be carried on in the firm name and style of M/s. SAHYADRI LAND
DEVELOPMENT AND FINANCE AGENCY or any other name and style mutually agreed
upon by and between the parties.
2 . Place of business:
The business of the Partnership shall be carried on from
……………………………………………………………. or from any other place in the
state of Maharashtra or in any other states or at such other place or places of business
as the parties hereto may by mutual consent agree upon.
3 . Commencement of the business :
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The business of the Reconstituted Partnership shall be commenced from the
………………………………….
4. Business activity :
The business of the partnership shall be import and export and sell and market and
d i s t r i b u t e a n d t r a d e i n a l l g o o d s o n commission basis and specially to import the
coal or any other articles or items as both the parties may mutually decide or any
other business as may be mutually decided by the parties from time to time.
5. Duration of the Partnership:
The partnership shall be at will.
6. Capital of the Partnership:
Both the parties shall bring the necessary capital to the firm as and when required
7. Share of the Profit and Losses :
The respective shares of the parties in the profits and losses of the Partnership including
losses in the capital, if any, shall be as under:-
MR. ARUNI PATIL 83 %
SHRI.NADKUMAR MUKUND PATIL 17 %
8. Remuneration:
It is agreed by and between the partners h er et o th at t he fo ll ow in g p ar tn er s
(hereinafter referred to as "Working Partners") shall devote their time and
attention in the conduct of the affairs of the firm, as the circumstances and business needs may
require.
9• Bank accounts:
A Current account h a s b e e n opened in the name of the firm in …………………………
and said bank account shall be operated by either of the parties.
10• Account:
All neccessary and proper books of account shall be maintained and shall reflect true and
correct view of the business of the partnership firm. The first accounting year
beginning from the ……………………………… . The books of account of the partnership
shall be kept at the office address of the partnership from The accounts will be signed by all the
partners and the partner not signing will be treated as have accepted the account and in such
case the account shall be sent by the Registered Post to the said partner and will be treated or
accepted by him/her.
11• Withdrawals and drawings:
It is agreed by and between the partners that every partner is entitle to such withdrawals and
drawings as may from time to time agree by the partners. However, the withdrawals and
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drawings shall be debited to the capital account of the partner for whom the amount is
withdrawn and the capital of the said partner shall be reduced accordingly.
12. Power to sign the agreements:
MR. ARUNI PATIL shall be entitle to sign and/or execute all the necessary writings, agreements.
13. Admission and retirement of the partner:
Admission of partners shall be entertained by consent of b o t h the partners in writing.
Retirement of partners shall be at will and after giving one month’s notice. In such an event
the Retiring Partners will be entitled to the balance outstanding to his credit in the Capital account
as on the date of retirement and if the same is a debit balance then he/they shall have to pay
the firm such debit amount. The Retiring Partners shall not entitle to any share in the goodwill
of the firm.
14. Death pf the partner:
In case of death of a Continuing Partner the firm will not dissolve. The surviving partner shall
have the right to admit any other person as partner or partners on terms and conditions as
desired by the surviving partner .
15. Dissolulion of the firm:
As stated hereinabove no partner shall entitle to dissolve the said firm minimum for the period
of 10 years and the dissolution of the firm thereafter shall be done with consent of the partners
unless otherwise decided by both the partners mutually.
16 Neither partners shal1 without the consent of other: either directly or indirectly engage or
interested in other similar competitive business. except any ordinary course of business, give any
security or promises for payment of money on account of the firm assign or change his share in
assets or profits of the firm draw or accept or endorse any bill of exchange or Promissory
Note on account of the firm remit the whole or any part of the debit or sum due to the
firm.
17. Loan account of. the partners :
If any partner shall with the consent of others advance any sum to the partnership
over and above his/her contribution by way of his/her capital in the partnership the
same shall be considered as loan to the Partnership firm.
18. Borrowing of the firm:
The Partnership firm shall be at liberty to raise money from banks and other persons
upon security of the assets of the firm, of the documents of the title or for that
purpose deposit the documents of t i t l e with the bank or any of the person or persons and
for that purpose jointly sign in the name of the firm. Bill of exchange, Promissory Notes
and other negotiable instruments, guarantee and/or agreements or writings as may be
necessary or required. No partner shall without the consent or any writing of the other partner
borrow on behalf of the firm.
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19. Insolvency of the partner:
In the event of the insolvency of a Continuing Partner the other partners shall continue to carry
on the business in the name of the firm and assignee of the estate of the insolvent..
20. Arbitration
All disputes or differences that may arise in connection with the Partnership firm or this Deed
shall be referred to the Arbitration or any the Sole Arbitrator as mutually decided by both the
partners and the said Arbitrator and the decision of the said Arbitrator shall be binding to the
said partners.
IN WITNESS WHEREOF the parties hereto have hereunto set their respective hands on this
writing on ____ day of ______________ 2010
SIGNED AND DELIVERED BY )
The retiring Partners
1)SHRI..SHUBHASH RAGHUNATH RAUT
2) SHRI..SHIRISH RAGHUNATH RAUT.
3)SHRI.SURESH GURUNATH PUJAR
4)SHRI.VASANT GURUNATH PUJAR
SIGNED AND DELIVERED BY )
The continuing partner
SHRI.NADKUMAR MUKUND PATIL
SIGNED AND DELIVERED BY )
The incoming partner
MR. ARUNI PATIL
