ETT-I INDIA 5Gx.@ IINiEXI/AIBNt@N {6RTq MAHARASHTRA BU 894871 ffi?ETtri* oAU 02 Juil I@ HrrRY t{o.'.?-l- o^nt.*9].9.1H.?A DEED OF PARTNERSHIP -,rill',4,**/^|fu THIS DEED OF PARTNERSHIP executed on this -L " day of June, 2023 by and Between :- 1) SHRI. NIKUN] S/O. SANJAYJARIWALA, Aged about 19 years, Occupation :- Business, R./o,4'n Floor, Paradise Plaza, Plot No. 11, Kadbi Chowk, Kamptee Road, Nagpur - 440004. (PAN - CNKPJ2O9OL, AADHAR - 3985 7542 4670,) (Hereinafter called as First Party/Partner No. 1) 2) SHRI. MAHENDRAS/O. PRABHAKARGULHANE, Aged about 47 Years, Occupation :- Business, I R/o. D-101, Ward No. 3, CIDCO Colony, Bori, Nagpur - 441108. (PAN - AFMPG8O43C, AADHAR - 8444 717O 8098) I (Hereinafter called as Second Party/Partner No. 2) I I I PARTNER NO. F(xMd" PARTNER NO. 2 I n/oXo.6?76 # gols 2023 =:-:-+cUN E-fil E]: t : ro.d; rlII ttolttr aqr4a !fl. ,' l 2 All the parties hereinafter known and referred to aS "PARTNERS" which term unless repugnant to the context shall mean and include their respective heirs, assigns and legal representatives. WHEREAS, the Partners hereto have agreed to commence business in partnership and it is expedient to have a written instrument of partnership. WHEREAS, the Partners hereto have mutually agreed to carry on the business of Construction / Builder & Developers at Nagpur and to share the profits and losses of the said business in partnership between themselves and they have with that object constituted themselves into a firm of partners under the name and style of M/s MAA VAISHNAVI INFR/A. WHEREAS, both the Partners have experience in field of construction activities and they accept the responsibility and liability of completing the project within stipulated period. A N D; WHEREAS, the Partners hereinabove have decided that the Partner No. 1 & 2 shall be responsible for any loss in the said project as well as loss of capital, A N D; WHEREAS, it is necessary to reduce to writing the terms and conditions agreed to between the PARTNERS. WE, the Partners said above, do hereby of our free will and consent agree to and confirm the terms and conditions of our Partnership which are as under :- 1. This Partnership shall have effect from today ,Qrn day of JUNE,2023. 2. The business of the Partnership Firm shall be run under the name and style of M/s. MAA VAISHNAVI INFRA. It's principat ptace of business shall be at Shop No. 41, Vaibhav Houseing - 2, Near IRA International School, Butibori, Nagpur-441108. Additional place of business may be opened with the joint consent of the partners. 3. The Partnership shall do the business of Construction / Builder & Developers at Nagpur for Construction of Residential-Cum- Commercial Project on Plot No, X-274 in the Butibori Industrial Area, within the village limits of Rengapar, Taluka and Registration Sub-District Nagpur (Rural), District and Registration District Nagpur containing by admeasurements 750.0O Sq.Mtr, together with construction of built up area 154.95 (FSI 0.206) Sq.t'ttr. and Plot No. X-275 in the Butibori Industrial Area, within the vilage limits of Rengapar, Taluka and Registration Sub-District Nagpur (Rural), District and Registration District Nagpur containing by admeasurements 600.OO Sq.Mtr. together with construction of built up area 126.00 (FSI 0.21) Sq.t4tr. or thereabouts under partnership. fuXwwt't'd'i ER NO. PARTNER NO, 2 ( J 4. The Partners shall invest initially an amount of Rs. I,OO,OOO/- each for carrying on the business as their Capital. If further capital as required the Partners shall invest the required capital time to time in the following ratios: First Party 45 o/o Second Pa rty 55 o/o 5. The Partners shall invest the capital as per the requirements of the business, The Capital so invested by the Partners shall carry interest at the rate of 18 o/o per annum or as may be prescribed under Income Tax Act, 1961. However in case of loss or lower income, rate of interest can be nil or lower than 18 o/o as may be agreed to between Partners from time to time. If additional capital is required then the same may be borrows from the different parties or banks on such terms and conditions as to interest and as to giving of securities as may be agreed to between Partners. 6. The Partner No. 1 & 2 looking after the field actlvities, the account and finance activities. Both the Partners shall be WORKING PARTNERS and shall be paid remuneration. The total remuneration payable shall be calculated at such percentage of the income as are prescribed and all payable in Section 40 of the Income Tax Act, 1961 as substituted by the "The Finance Act, L992" and both of them shall be entitled to such remuneration in equal ratio, i) For the purpose of above calculation "Income,, other than capital gain on long term capital assets shall be computed as defined & allowable in explanation 3 to Section 40 (b) of Income Tax Act, 1961 or any other applicable provision as may be in force for the Income Tax Assessment of the partnership Firm for the relevant accounting period, ii) The Partners shall not be entitled to draw any remuneration in the accounting period in which the partnership firm has suffered loss on the basis of the Income or profit as computed under the provisions of the Income Tax Act, 1961. iii)The remuneration payable to the above said partners shall be credited to their respective account at the close of the accounting period when final accounts of the partnership are made up and the amount of remuneration shall fall due to them as determined in the above manner. After providing for the interest and Salary/Remuneration as stated above the net profit or loss shall be divided between the partner No. 1 & 2 as follows : s. SHARE IN NAME OF THE PARTNERS N, PROFTT/LOSS 1. SHRI. NIKUNJ SANJAY JARIWALA 45.OO olo 2. SHRI. MAHENDRA PRABHAKAR GULHANE 55.00 o/o TOTAL 100.00 o/o ffix ld),-3R\ PARTNER NO. 2 /s (o'?'* w 4 The loss if any including loss of capital suffered on completion of project shall be proportionate to Partner No. 1 & 2 as agreed between the Partners. 8. No apprentice, clerk or servant shall be employed or dismissed without the consent of all the partners. 9, The firm shall regularly maintain in the ordinary course of business a true and correct account of all its incoming and outgoing and also all its assets and liabilities in proper books of accoilnts which shall ordinarily be kept at the firm's place of business, 10. Immediately after each 31sr day of March in every year, the partners shall take an account and valuation of the effect, credits and liabilities of the partnership. Such accounts and valuations shall after mutual examination be drawn up in duplicate and signed by the partners, we shall each retain a copy. The entries in such signed accounts shall be final and binding between the parties. The profits or loss, as the case may be, shall be divided as aforesaid, after the signing of such account. 11. The account year of the Partnership shall be financial year ending with 31sr March every year. t2. On the completion of project as soon as practicable thereafter the profit of the Partnership business shall be determined and settled and the profit/loss so determined shall be distributed amongst the partners as per their shares as stated hereinabove. 13. The Partnership shall open its Bank Account at any Bank as may be decided by the Partners and such bank account shall be operated by Partner No. 1 & 2 jointly. Thus Bank account shall always be operated jointly by Partner No. 1 & 2. t4. The authority of the partners, individually shall be limited to the following: (a) No partner shall individually purchase goods for the partnership without consulting the other and obtaining his consent for purchases. fr (b) No partner shall singly bind the partnership by taking any loan or raising any money whether with or without security to the extent of more than Rs....,.,.............. (c) No partner shall commit the partnership without obtaining the written consent of the other, to any undertaking which involves the partnership financially to the extent of more than Rs..................... fu)t1wr-E{ PARTNER NO, 2 5 (d) All law suits shall be filed and defended by the partnership by the partneE acting jointly in all cases which involve the partnership financially to the extent of more than Rs........,............ 15. For the efficient management of the Partnership business all the Partners may jointly operate or appoint agent or agents by Special or General Power of Attorney to do all the works connected with the Partnership business such as to open and operate Bank Account, to borrow or advance moneys for the business and for that purpose execute Documents, to sign and execute Agreements, Contracts, Sale Deeds, Mortgage Deeds and get them registered according to la$r, to appoint Lawyers, Architects/ Contractors or other persons, discontinue them, prepare and sign maps and submit them before appropriate authorities, to negotiate, to purchase or sell properties, to appear before Corporation, Improvement Trust Authorities or other local bodies and all Departments in Public and private Sector and to represent the Partnership Firm and their partners and generally do all the activities connected with the partnership buslness. 16. That the duration of the Partnership is for the above mentioned project only which shall be more that two yea6 from the date of execution of this Oeed. 17. In case of any Partner wants to retire from the partnership firm, he or she shall give one months notice to the other partners, and on expiry of the notice period the general accounts of the partnership including profit or loss of the partnership business till the expiry of the notice period shall be taken and settled and on settlement of account the Partner intending to retire may be allowed to retire or may be dissolved as may be decided by continuing partnership Firm. 18. The death or retirement of the partner shall not ipso-facto dissolve the firm. But in the place of the deceased or out-going partner the new Partner or Partners may be taken with the consent of remaining Partners and may carry on the business with revised shares. 19. The partnership shall be deemed to be continuing on the admission of a fresh partner or partners, provided the admission is on the terms herein laid down and is approved by all the partners. 20, Every partner shall be entiHed to dissolve the partnership in the event of the other committing breach of the conditions herein covenanted. The partnership may be dissolved by a notice in wriung sent by registered post to the address herein given or such address as may be registered from time to time with the Registrar of Firms. On the dissolution of the firm under this clause the expelled partners shall not be liable for any loss incurred as from the date of dissolution. But no proflt or loss shall be paid or become payable except at the time of annual accounting. MWo"'F< PARTNER NO. 2 @ 6 2L, On the bankruptcy of any partner or on notice being given to either partner under clause 20 above or on the death and.there being no major legal representative willing or capable to take the place of the deceased partner the partnership shafl terminate. The share of such partner may be purchased by the remaining partner(s) at a valuation to be made by arbitrators or their umpire as hereinafter mentioned. The price shall be paid in 3 equal six monthly installments, The tenancy right of the first party shall be valued at..................... years, rental. 22. Upon the determination of the partnership by afflux of time, or upon its determination by any other partner then, as soon as convenient, a full and general account of valuation shall be taken of the property and assets and liabirities of the partnership and the property and the assets put to sare and the debts rearized and the creditors paid. The net proceeds in cash shall be equally divided between the then partners or the partners and the legal representative or representatives of the deceased partner; PROVIDED always, that if the proceeds are ress than the riabirities the ross shafl be made good in equal shares by the then partner, or the legal representativl or representatives of any deceased partner. 23. 15. If at any time any dispute, doubt or question shall arise between the partners, or their representatives either on the construction of these presents, or respecting the accounts, transaction, profits or losses of the business or otherwise in the reration to the partnership then every such dispute, doubt or question shall be referred to arbitrators chosen by each of the partners and the representatives of their umpire to be appointed in the manner provided by law and such reference shall in all respect, as to the mode and consequence thereof conform to the provisions in that beharf contained in the Arbitration and Conciliation Act, 1996 or any statutory modification thereof. 24. In case any dispute arises between the partners with regard to any matter connected with partnership business of with regard to taking or accounts during the continuations of the partnership business or on retirement of any partner or on dissorution of the firm or with regard to interpretations of terms and conditions of the partnership m or understanding between the partners or any matter connected therewith or incidentar thereto then the same sha, Sole Arbitrator to be appointed by the mutual Partners and the decisions of the Arbitrator shail be referred to the consent of the be finar and binding on the parties. \ fu1tttrMr'l€\n PARTNER NOJ c \o\ at, \\ t 7 IN WITNESS WHEREOF WE, THE PARTNERS NO. 1 & 2 referred to above have placed our signatures on this DEED OF PARTNERSHIP on this q rH day ofJune, 2O23 at NAGPUR. PARTNER NO. 1 SHRI. NIKUNJ S/o. SANJAY,ARIWALA [FiRsr PARTY] PARTNER NO. 2 fi1^XffixtrtFt* SHRI. MAHENDRA PRABHAKAR GULHANE [sEcoND PARTYI In presence of following WITNESSES : na' u5t r. b nrrsR 3 q\reIw e n"iF-- ; &i 2. Name: ATTE S TE D K Mil. ATTA ADvtron*rFa ruoraoy' U}l CJ.lb rar.L u.gru;-,. ( Ftl : FlW,&trq PARTNER NO. 2 4 ,i TRr