CASE STUDIES :-3

LEGAL ZEMS ONLINE INTERNSHIP PROGRAMME 2022

BATCH-9
Week-3
SUBJECT :- CONTRACT LAW
CASE COMMENTARY SAMPLE
(16 February 2022 to 22nd March 2022)
th

PARTNERSHIP DEED

PROBLEM 2 – Nikhil, Neeraj are the two son of Utkarsh Pandey, who is a well – known
wholesaler of Jamdani Saree at Banaras, Uttar Pradesh. Raju who is the son of Mukhesh
Ambani, is also a well – known whole seller of Sounth Indian silk saree. Raju met Nikhil and
Neeraj at an exhibition of saree at Bangaluru, Karnataka. It was then that they got close and
later decided to start a partnership whole sale business of selling Banarasi Jandani Saree and
South – Indian Silk Saree. They decided to keep the name of the firm as PARDESIYA SARI
WHOLE SALE STORE.

DEED OF PARTNERSHIP
THIS DEED OF PARTERNSHIP is made and executed at New Delhi, on this 2ND day of march ,
Two thousand and twenty two.

Between

Nikhil and Neeraj , s/o Utkarsh pandey Aged 25 years, Occupation: Business, wholesale of
jamdani saree at banaras, uttar pradesh - hereinafter called the partner of the FIRST PART which
expression shall mean and include is heirs, successors, assignees and legal representatives unless
repugnant to the meaning and context thereof.

AND
Raju s/o mukesh ambani, Aged 25 years, Occupation: Business, Mumbai . hereinafter called the
partner of the SECOND PART which expression shall mean and include is heirs, successors, assignees
and legal representatives unless repugnant to the meaning and context thereof.

WHEREAS the parties have in their individual capacities constituted into a Partnership on this the 1st
day of June 2002 under the name and style of “PARDESIYA SARI WHOLESALE STORE" and now they
feel it desirable to put the terms and conditions into writing.
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NOW THIS DEED WITNESSETH AS FOLLOWS :-

1. That the name of the firm shall be” PARDESIYA SARI WHOLESALE STORE " at Main Road,Head
quarter office New Delhi.

2. That the main place of business shall be in new Delhi and Kolkata,hyderbad and the firm shall open
its branch or branches of any other place or places as mutually agreed upon by the partners from
time to time.

3. That this deed of Partnership comes into force with effect from 02-03-2022.

4. That the business of the firm shall be that of sales and purchases of all selling banarasi jadani
saree and south- Indian silk sarees . and allied business.

5. The business may be extended to other fields as may be decided by the partners from time to
time. 6. The partnership shall be at will.

7. The capital required for the business shall be contributed by all or any of the partners at their
convenience and capacities.

8. Further capital required for the business shall be borrowed from banks, financial institutions, or
otherwise from outside. The interest payable thereon shall be paid out of the partnership funds
irrespective of profits and loss of the said business.

9. The profits or losses arising out of the business shall be shared or born as the case may be among
the partners in the following ratio:

Name of the Partner Share in a rupee .

1. Nikhil Rs. 0-50 ps

2. Neeraj Rs. 0-50 ps

3.Raju Rs.0-50 ps

Total Rs. 1.50-00 ps The profit and loss of the business shall be determined as on the 31st day of
March every year. The profits and losses arising out of the business shall be carried to the individual
accounts of the partners as soon as the books of accounts are closed at the end of each year.

10. The partners shall be entitled to draw the amounts for their personal expenses, and such
drawings shall be debited to the respective individual accounts provided that the drawings in any one
year shall not exceed the amount of the share of the profit for that year. The drawings if any in
excess of the share of profit shall be refunded to the firm as soon as it is ascertained.

11. A Bank account shall be opened in any Bank in the name of the firm and shall be operated by
both the partners.
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12. All the partnership moneys, bills, cheques and other securities received by the firm shall be as
and when received be paid or deposited in the bank to the credit of the firm's account, except such
sums as are immediately required to meet the current expenses.

13. The partners are entitled to draw monthly salaries such amount as may be decided by the
partners from time to time.

14. That the capital invested by the partners shall bear the interest at such rate or rates as decided
by the partners the rate of interest shall be simple interest.

15. The accounts of the firm shall be properly and regularly maintained and kept at the office of the
firm, and shall be made up and prepared at the close of each year ending on 31st day of March.

16. In the event of any partner desiring to retire from the partnership he shall give a previous notice
of three months in advance to that effect. On such notice being received by the film the accounts of
the firm shall be brought up to date and balance sheet as at the end of the period of the said notice
shall be made up. The outgoing partner shall be paid his share of net profit as on the date of
retirement and shall be required to all his dues or debts, if any to be paid to the firm, and after all the
claims and dues of and or against the firm, are satisfied, he shall be deemed to be free from the
partnership and the other partner is entitled to continue the business.

17. The death of any partner occurring during the currency of the said partnership the remaining
partner shall be entitled to continue and carry on the said partnership business with the legal heirs of
the deceased partner, and if the legal heirs of the deceased partner decide not to carry on the
business, then the surviving partner may continue the firm's business in the same name and after
working out and paying the dues and claims of the deceased partner, to his heirs successors or legal
representatives as the case may be.

18. The disputes if any, arise out of the interpretations of the clauses of this agreement or in respect
of the business, the same shall be decided by an Arbitrator or Arbitrators as chosen by the partners.
The jurisdiction for all the legal matters shall be at New Delhi.

19. In respect of the other terms not touched by this Deed of Partnership, the Partnership Act 1932
shall be in force, with all its amendments from time to time, and shall be binding on the firm. IN
WITNESS WHEREOF, the parties hereto have hereunto set and subscribed their respective hands and
the day and year first herein above mentioned.

1. Sd/-- xxxx
(NIKHIL)
2. Sd/-- xxxx
(NEERAJ)
3. Sd/--xxxx
(RAJU)
WITNESSES
1.Sd/-xsxx
(ASHWIN KUMAR)
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