PARTNERSHIP DEED

This Deed of partnership made this 2nd day of January 2018 between:-

1. Sh. Sanjeev Garg Son of Shri S.C. Garg, resident of C-1, Dayanand Nagar,
Ghaziabad, hereinafter called the party of the first part :

and

2. Sh. Vidya Shanker Son of Shri. G. Prashad , resident of D-376, Dilshad Garden,
Delhi , hereinafter called the party of the Second part :

WHEREAS the aforesaid parties have agreed to start the business in partnership
together.

AND WHEREAS, it is now deemed necessary and expedient to reduce into writing
the agreed terms and conditions governing this partnership:

NOW THEREFORE, this deed witnesseth as under:-

1. The partnership business shall be carried on under the name & style of
M/s. Ganesh Distributors and/or under such other name or names as the
parties hereto may decide mutually from time to time.

2. The business of the partnership shall be that of trading, distribution of

dairy and agro products and / or such other business or businesses as the
parties hereto may decide mutually from time to time.

3. The business of the partnership shall be carried on at state of Utter Pradesh

and / or at such other place or places as the parties here to may decide
mutually from time to time.

4. The profits and losses of the firm shall belong to and be borne by the
parties in the following proportion:-
 a) Sh. Sanjeev Garg ……… First Party 50%

b) Sh. Vidya Shanker ………Second Party 50%.

5 The parties to this deed who will be called upon to render the services and
devote time and attention in the affairs of the firm shall be working
partners and it shall be mutually decided from time to time who shall be
the working partners.

6. That Sh. Vidya Shanker , party of second part shall for the time being be
the working partner who shall devote his time and attention in managing
the affairs of the firm.

7. That the partners shall be allowed simple interest @12% per annum or such
rate of interest as may be allowed by the Income Tax Act as amended from
time to time on their capital accounts. It will, however, be in the discretion
of partners not to allow interest in a particular year or years or to allow
interest at lesser rate as may be mutually agreed between them from time
to time. Interest would be credited to the account of each partner at the
end of the accounting year.

8. All remuneration to partners, interest on capital of partners, rent, rates &

taxes , travelling expenses , electricity, interest if any, salaries and wages of
the staff employed in or about the partnership and all other expenses
incurred in the course of the business shall be charged against revenue in
the profit and loss account of the business.

9.That the partners can open the bank account of the firm, in any bank and
bank account shall be operated by the partners jointly or individually, as the
case may be.

10. Regular books of accounts shall be kept and accounts shall be made up
annually so far as possible on 31st March.

11. Both the partners shall punctually pay and discharge their separate debts
 and liabilities and shall keep the firm effectually indemnified against the
same.

12. No partner shall do any of the following acts without the consent in
writing of the other partners:-

a) Transfer his interest in the partnership by mortgage, sale or otherwise.

b) Release or compound any claim or debt claimed by or against the
Partnership.
c) Execute any deed or bond surety for any purpose or act in any other
manner by which the property of the partnership may be made liable
thereof.
13. The parties to this deed, as deem necessary from time to time, may by
mutual consent add any terms to this deed or delete or amend any terms
thereof. All such changes shall be reduced into writing which shall always
be read in conjunction with and form part of this deed.

14. This partnership is AT WILL. Any partner desiring to sever his connections
can do so by giving at least three months’ notice in writing to the other
partner of his intention in that behalf and on expiration of the period,
the partner giving such notice shall cease to be partner.

15. In case of any dispute arising out of this deed between parties of this deed,
it shall be decided by arbitration as provided for under the Indian
Arbitration Act.

IN WITNESS WHEREOF the parties of this deed set their respective hands to
this deed of partnership in the presence of witnesses:-

WITNESSES: PARTIES:

1. ……………………. 1. SANJEEV GARG …………………………

2. ……………………. 2. VIDYA SHANKER ……………………….