On 24th of October 2006 at Karachi, Mr. Mushtaq Usmani (plaintiff) and Mr. Akhyar Tahir (Defendant) both formed partnership agreement. They signed partnership deed and the content of partnership deede is given below. For the first 3 months their business sprays because on 6th January Usmani shop has been robbed of three computers, TWO monitor and cash of Rs 120,500. Total Accumulated losses were around Rs
On 24th of October 2006 at Karachi, Mr. Mushtaq Usmani (plaintiff) and Mr. Akhyar Tahir (Defendant) both formed partnership agreement. They signed partnership deed and the content of partnership deede is given below. For the first 3 months their business sprays because on 6th January Usmani shop has been robbed of three computers, TWO monitor and cash of Rs 120,500. Total Accumulated losses were around Rs
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On 24th of October 2006 at Karachi, Mr. Mushtaq Usmani (plaintiff) and Mr. Akhyar Tahir (Defendant) both formed partnership agreement. They signed partnership deed and the content of partnership deede is given below. For the first 3 months their business sprays because on 6th January Usmani shop has been robbed of three computers, TWO monitor and cash of Rs 120,500. Total Accumulated losses were around Rs
Direitos autorais:
Attribution Non-Commercial (BY-NC)
Formatos disponíveis
Baixe no formato DOC, PDF, TXT ou leia online no Scribd
Usmani (plaintiff) and Mr. Akhyar Tahir (Defendant) both formed partnership agreement. They signed partnership deed and the content of partnership deed is given below:
• That the partnership business shall be carried out
in the name and style of Usmani Computers.
• It is mutually decided to start business on the
following address A -33/8
• That this partnership will be at WILL from both
sides.
• That this partnership Agreement will be valid for
TWO YEARS, from October 2006 to June 2008. • That the business will be deemed to commence on 1st November of 2001.
• That the first party Mr. Akhyar Tahir has provided
shop for the business which is immovable capital and Second party Mr. Mushtaq Usmani has provided the amount of 350,000 Rs which is movable capital. • That both the partners shall distribute profit and loss at the end of the year after adjustment of all and sundry expense in the following ratio. First Party 40% Second Party 60%
• That both the parties will share or distribute profit
after every three months. • That the business year of the partnership is effective from 1st November and end at 30th June.
• That all the expense of the business includes
utilities, taxes, cases and all miscellaneous expense shall be adjusted and deducted from the profit of the firm and the balance shall be distributed amongst the partner written above.
• That both the partner shall work honestly and
diligently to make the business a success.
• That any term and condition not mentioned in the
partnership agreement the all sections of partnership act 1932 as applicable in Pakistan shall be applied.
Further irrelevant contents of this partnership deed
have been ignored. For the first 3 months their business sprays because on 6th January Usmani shop has been robbed of THREE computers, TWO monitor and cash of Rs 120,500. Total Accumulated losses were around Rs. 300,000. Hence, after losses Second party Mr. Mushtaq Usmani again invested Rs. 200,000 for establishment of their business. Hence editing profit content of their partnership deed and both the party signed an agreement that in profit there will be no 40% and 60% share but it will be 80% for second party Mr. Mushtaq Usmani and 20% for first party Mr. Akhyar Tahir. After 6 months they gain a profit of Rs. 670,000 after deducting all other expenses. Now as per condition, Mr. Mushtaq will receive Rs. 536,000 and Mr. Akhyar Tahir will receive Rs. 134,000. But because of some family matters Mr. Akhyar asked Mr. Mushtaq to pay him Rs. 300,000 which he will return from his next tenure profits. Mr. Mushtaq realizes his crisis and gives him desired amount from his own profit. After 3 months they gain profit of Rs. 400,000. Again as per condition Mr. Akhyar will gain Rs. 80,000. And Mr. Mushtaq will receive Rs. 320,000. Mr. Akhyar asked him to not to take his share from his profit and allow him time for recovery. Mr. Mushtaq regrets because he too suffering from some personal problems but Mr. Akhyar manages to convince him and told him that he will pay his entire amount in next profit sharing date. On July 15th 2007, on a profit sharing date Mr. Mushtaq asked him to pay him back his entire amount i.e. Rs. 300,000 because this time profit gained by the shop is not convincing. But Mr. Akhyar again asked time from him but Mr. Mushtaq did not allow him due to which, Mr. Akhyar started abusing him and stated to him that he is not going to give him a single penny and also he verbally say that he don’t want to keep this business alive as he is now out from the business. Then on 2nd of August Mr. Mushtaq Suits a case against Mr. Akhyar in the court of civil 3rd class.
ACT AND SECTION:
• This case is registered and treats under Partnership Act of 1932. • Under Section 13(b) of Partnership Act 1932 state that there should be sharing of profit as in the terms and condition written in Partnership Deed and in this case terms and condition of sharing a profit is violated. • Under Section 7&8 of Partnership Act 1932 state that the duration of business shall be fixed and Mr. Akhyar verbally said he want to terminate the business. • Under Section 9 of Partnership Act 1932 state that both partners should be loyal , faithful to each other and in this case Mr. Akhyar show his unfaithfulness to his partner Mr. Mushtaq Usmani.
DECISION OF COURT: • Mr. Akhyar Tahir (Defendant) has to pay Mrs. Mushtaq Usmani (plaintiff) a sum amount of 300,000 Rs before the end of January 2008.
• Both the partners can complete their partnership
duration term if they willing to be, as there is only 6 months left in the termination of their Partnership Deed.