THIS DEED OF PARTNERSHIP made this ………. day of April ____ BETWEEN ___________ (formerly Known as ____________ and also as _________________) a company within the meaning of Companies Act, 1956 and having its registered office at ________ (which expression shall unless excluded by or repugnant to the context be deemed to mean and include its successor or successors in interest and assigns)of the FIRST PART (2)________ a company within the meaning of the Companies Act, 1956 and having its registered office at _____________ and Head Office at __________ (which expression shall unless excluded by or repugnant to the context be deemed to mean and include its successor or successors in interest and assigns) of the SECOND PART                         (3)___________ a company within the meaning of the Companies Act, 1956 having its registered office at _________ (which expression shall unless excluded by or repugnant to the context be deemed to mean and include its successor or successors in interest and assigns) of the THIRD PART (____________ a company within the meaning of the Companies Act,1956 and having its registered office at __________ (which expression shall unless excluded by or repugnant to the context be deemed to mean and include its successor or successors in interest and assigns) of the FOURTH PART (5) ____________ a company within the meaning of the Companies Act, 1956 and having its registered office at _____________(which expression shall unless excluded by or repugnant to the context be deemed to mean and include its successor or successors in interest and assigns) of the FIFTH PART (6)___________ a company within the meaning of the Companies Act, 1956 and having its registered office at ______________ (which expression shall unless excluded by or repugnant to the context be deemed to mean and include its successor or successors in interest and assigns) of the SIXTH PART (7)______________a company within the meaning of the Companies Act, 1956 and having its registered office at _____________(which expression shall unless excluded by or repugnant to the context be deemed to mean and include its successor or successors in interest and assigns) of the SEVENTH PART ( ) a company within the meaning of the Companies Act, 1956 and having its registered office at _____________ (which expression shall unless excluded by or repugnant to the context be deemed to mean and include its successor or successors in interest and assigns) of the ______ ( )_______________, a company within the meaning of the Companies Act, 1956 and having its registered office at ______________ (which expression shall unless excluded by or repugnant to the context be deemed to mean and include its successor or successors in interest and assigns);

WHEREAS on _______ one ___________ by a Deed of Conveyance dated ________ registered in Book no I, Volume No.____________ at the office of Registrar of Assurance, _____ acquired and became entitled to ALL THAT the premises ____________ now known ________ containing by measurement an area of _________ sq. ft. a little more or less together with brick built message tenement or dwelling house more fully described in the said deed.

AND WHEREAS on the death of aforesaid ________________ the said premises devolved on __________________________.

AND WHEREAS on the death of aforesaid _____________ the said premises devolved on __________________.

AND WHEREAS on ________ the said __________ died intestate leaving behind _______________________ as her only heirs, heiresses and legal representatives and on the death of the said ___________ the said _____________________ jointly became absolutely entitled to the estate of the said _____________, since deceased, including the said premises each being entitled to undivided _________ share in __________________________.

AND WHEREAS on ___________ by another Deed of Conveyance dated _____________ Being no._____ for the year _________ registered in Book No. I in the office of the District Registrar at _____________, the Parties herein acquired from the _________________ all their right title and interest claim or demand in upon or over the land measuring about _________sq. ft. comprised in premises ______________ which have been in possession of _____________________.

AND WHEREAS on ____________ by another Registered Deed of Conveyance dated _______, ___________ being No.____________ for the year ___ Registered in Book No. ____________ in the office of the District Registrar ____ the parties herein acquired from the said ___________________ all their right title and interest in and upon ____________________ Sq.ft. comprised to the said premises No.___________________.

AND WHEREAS the parties herein thus become entitled to the said ___________Sq. ft. comprised in Premises No. ___________________________.

AND WHEREAS prior to purchase and acquisition of the said premises the said _____________________. are alleged to have entered into agreement for sale of the said premises with _______________________ have alleged to entered into agreement for assignment of the lease hold interest in favour of __________________.

AND WHEREAS various suits and proceedings are pending in respect of and concerning the said premises No.___________________________.

AND WHEREAS since the purchase of the said premises the said ________________ have been defending various proceedings and have taken steps to protect the said premises from wrongful intruders, trespassers and have been incurring all costs and expenses therto.

AND WHEREAS the parties hereto agreed to develop the said premises in co-partnership under the name and style of ____________ upon and subject to the terms and conditions hereinafter appearing.

NOW THIS INDENTURE WITHNESSETH and the parties hereto hereby mutually agreed and declare to became and carry on business in Co-partnership inter alia, on the terms and conditions hereinafter mentioned.

  1. The partnership is deemed to commence on and from the 1st of April, _________.
  2. The business of the partnership shall be carried on under the name of style of __________________. The Partners may by mutual consent change the said name or carry on business by any other name or names.
  3. The Office at the Partnership shall be at _________. The partners may be mutual consent carry on the business at such other place or places as may from time to time be mutually agreed upon by and between the partners in writing.
  4. The business of the partnership shall be to develop lands, buildings and hereditaments of any tenure or description whatsoever and any estate or interest therein and any rights over or connected with land and in particular by preparing building sites, by constructing, reconstructing, altering, improving, decorating, furnishing and maintaining offices, flats, houses, factories, warehouses, shops, buildings, works and convenience of all kinds, and by consolidating or connecting, subdividing, properties, land by letting out leasing and disposing of the same in any manner whatsoever either in whole or by wise or apartments or flats. The partners may carry on any other business or businesses as may from time to time be mutually agreed upon by and between the partners. The partners may by mutual consent join with any other person or company in doing any of these things.
  5. The investment so far made by the parities for acquisition of the said premises or for its development shall be treated as their respective capital contribution to the partnership business. Whatsoever further capital will be required for the partnership business in future the same shall be contributed and/or arranged by the partners to the extent and in the manner to be agreed between them and such further capital whenever contributed by them or either of them shall be a loan to the partnership firm.
  6. The partnership business and its day to day activities shall be carried on by the partners jointly in consultation with each other
  7. The partnership monies and security for moneys as and when received shall be sent and deposited in the partnership business account.
  8. Each partner shall keep each other informed of the day to day development in the said partnership business.
  9. None of the partners shall be entitled to assign its right, title and interest and partnership business either by way of assignment, sale or otherwise.
  10. The net profits of the partnership after payment of all income-tax and other taxes, interest on loan, advances and other outgoing, and subject to the creation and maintenance of reserves or other funds shall be divided in equal proportion.
  11. The loss of the partnership firm shall be paid and borne by the partners in equal shares.
  12. All outgoing and expenses of the Partnership firm interest on loans, salaries and all losses shall be payable first out of the profit next out of the capital contributed by each of the partners.
  13. The usual books of account of the partnership shall be regularly kept and posted up at the place of the business of the partnership. Each partner shall have free access to the books of account at all reasonable times and shall be at liberty to inspect the same and other documents of the partnership and to take copies thereof and extracts therefrom.
  14. The business of the partnership shall be carried on by the partners with mutual consent and consultation.
  15. The Banking account or accounts of partnership shall be in the name of the firm. All such account or accounts shall be operated in all respect by any of the two partners. Any of the parties hereto may arrange loan or overdraft from bank or banks for the business of the firm. All such cheques, hundies, bill or exchange and negotiable instruments on behalf of the firm may be drawn endorsed or otherwise dealt with by any of the two partners.
  16. All the partners shall be entitled to withdraw such sum as may be mutually agreed upon between the partners, subject to availability of surplus funds. All such sums so withdrawn shall be debited in the respective account in the books of the partnership and shall be adjusted at the time of taking annual account of the partners.
  17. The accounting year of the partnership shall be from 1st of April of every calendar year up to the day of 31st of March of each following year or such other period as the partners may from time to time agreed upon.
  18. The accounts of the partnership shall be prepared and profit and Loss Ascertained at the close of each accounting year when a Balance sheet shall be prepared. After such Balance Sheet and/or Final accounts being duly signed by the partners the same shall not be challenged except for typographical or mathematical mistakes.
  19. Any of the partners may retire from the partnership at any time. Upon such retirement the retiring partner shall be paid the amount standing in its capital account. No such retiring partner shall be entitled to any other payment whatsoever.
  20. The partnership shall not determine on the retirement of any partner or in the case of dissolution or winding up of any of the partner. In case of winding up or dissolution of any partner or retirement of any partner the partnership business shall be carried on by the continuing partners.
  21. Each partner shall

a)                    Punctually pay and discharge his separate debts and engagements and indemnify the other partners and the partnership assets against the same and all actions, proceedings, costs, claims and demand in respect thereof.

b)                   Be just and faithfully to the other partners in all transactions relating to the partnership.

c)                    At all times give to the other or others of them true information and faithful explanations of all matters relating to the partnership within his knowledge and afford every assistance in his power to carry on the business for their mutual advantage.

 

  1. Neither party shall without the written consent of the other :

i)                     Release or compound any debt owing or claims of the partnership except in the usual course of business.

ii)                   Employ any money, goods or effects of the partnership or pledge the credit thereof except in the usual course of business and upon the account or for the benefit or the partnership.

iii)                  Assign, mortgage or pledge his share or interest in the partnership or any part thereof of or make any other person as a partner herein.

iv)                  Enter into any bond or became bail, surety or security with or for any person or do or knowingly cause or suffer to be done anything whereby the partnership property or any part thereof may be seized attached or extended or taken into execution.

  1. All disputes and differences which may arise between the partners or between any of them and the personal representatives of the other or between their respective personal representatives and whether during or after the determination of the partnership or whether in relating to the interpretations of this Deed or any other act or omission on the part of any party to the dispute or any act which ought to have been done by the parties in dispute or any of them or in relation to any matter whatsoever touching the partnership affairs shall be referred to sole arbitration of Sri ________________. Such arbitration shall be governed by the Arbitration and Conciliation Act, 1996 or any statutory modification thereof for the time being in force and the seat of arbitration will be in _____________.
  2. That any of the terms may be waived, varied, altered or modified by mutual consent expressed in writing.
  3. That all matters not specifically mentioned here-in-before shall be covered by the Indian Partnerships Act, 1932 and any statutory modification thereof which may be in force from time to time.

 

IN WITNESS WHEREOF the Parties hereto have hereunto set and subscribed their respective hands and seals the day month and the year first above written.

 

SIGNED SEALED AND DELIVERED  by  the PARTIES

 

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