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Partners not sharing profits and showing fake loss
09-Mar-2023 (In Corporate Law)
Hi Team, we run a MILL business in partnership. Its a 50-50 investment. total of 80L in which 40L is our investement. Now there occured a dispute between partners as they didnt share profit with us and showing fake loss. Now we're trying to quit from partnership. Is it ok to get a stay order for MILL?
Is your mill is Pvt limited or partnership firm? In anyways you can legally demand to produce the accounts through the court first and ask for a proper audit through a auditor. Then can plan about the way out from your mill.
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Adv. R Aneesan
Chennai | 25+ Answers
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Yes, you can get a Injunction order against the Mill, but the fair position would be to file a suit for Accounts seeking for accounts from the other partners and then to ask for a interim injunction ..! Further the conditions in the partnership deed should also be looked into for the litigation clauses which are mentioned therein, may be you can also adjudicate the same through Arbitration if the deed permits to do so..!
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Adv. Kaviyanathan D
Chennai | 25+ Answers
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