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What is the procedure for dissolving a company


18-Mar-2023 (In Corporate Law)

Hello, I started a Publication venture alongwith a relative of mine and his friend. We had a partneship deed where my share was 20% and my relatives' was 35. The third partner has 45%. Initially there was no formal investment from my side. I gave lot of cash. Along with that I used to work really hard in forming the product. Unfortunately my relative was a fraud. He took a lot of money from clients but never shared details about product. I have never received any profit. I wish to dissolve this partnership but he wants my sign for new chequebook. He is forcing me to pay for losses. Help.

Answers (2)

Answer #1
895 votes
Dear Sir, Without seeing the deed signed by you and the other partners, I wont be able to provide you with guidance for dissolving your business. Please provide the following details to enable me to advice you on merits: a, Whether your business is a Limited Liability Partnership, Partnership firm or a Company b. Agreement to understand your liabilities both criminal and civil, responsibilities and exit clause. Please feel free to contact the undersigned. Regards, Adv Pragya Wazir
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Answer #2
827 votes
Firstly you are not a majority shareholder. You can file a complain for fraud and misappropriation if the things as mentioned have happened with you. Dissolution should be the last step if you think nothing else is working. Then we can file for dissolution on the ground of complete irrevocable breakdown of management
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