Deed of Partnership
THIS DEED OF PARTNERSHIP made at Lucknow on the 31st of October,
2023
BETWEEN:
1.Mr. Sunil Nath Pandey S/O Mr. Triloki Nath Pandey, Indian
Inhabitant, having address at Village-Bhagmalpur Dhankpur Post-
Shahgarh Palhni Azamgarh Uttar Pradesh 276001 (which expression
shall unless it be repugnant to the context or meaning thereof,
include his heirs, executors, administrators, legal
representatives and assigns) hereinafter called the Party of the
FIRST PART;
2.Mr. Rajat Pandey S/O Mr. Sunil Nath Pandey, Indian Inhabitant,
having address at Village-Bhagmalpur Dhankpur Post Shahgarh Thana
Sidhari Azamgarh Uttar Pradesh 276001 (which expression shall
unless it be repugnant to the context or meaning thereof, include
his heirs, executors, administrators, legal representatives and
assigns) hereinafter called the Party of the SECOND PART;
WHEREAS:—
The parties hereto are desirous of carrying on business of
Civil Construction, Electrical Work Contract, Maintenance and
related Services/or such other business as the partners may from
time to time decide. In partnership upon the terms and conditions
recorded here in after.
IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS UNDER:—
1. The Partnership shall commence (or shall be deemed to have
commenced) on the 31st DAY of OCTOBER, 2023.
2. The name of the firm shall be “M/s SUNIL NATH PANDEY”
3. The Partnership shall be “at Will”.
4. The business of the Partnership shall be carried on Head
Office at 555KH/72KA, Bhola Khera Subhash Nagar, Krishna
Nagar, Lucknow, Uttar Pradesh, 226003 INDIA or at such other
place or places as the partners may from time to time agree
upon.
5. The business of Civil Construction, Electrical Work Contract,
Maintenance and related Services/or such other business as
the partners may from time to time decide.
6. The accounting year of the partnership shall be from 1 stday
of April to 31st day of March of the next year.
7. The Bank account of the firm shall be opened in any Scheduled
Bank or Unscheduled Bank in the name of the Firm and shall be
operated by Mr. Rajat Pandey S/O Mr. Sunil Nath Pandey and
here as called the First Party.
8. The capital of the partnership shall be provided by the
partners in their profit and loss sharing ratio. If at any
time hereafter any further capital is required for the
purpose of the partnership the same shall, unless otherwise
agreed, be contributed by the partners. The partners shall be
entitled to interest on the capital brought in by them.
9. Simple interest at the rate of 12% per annum or at such other
rate as may be mutually agreed upon or at such rate not
exceeding rate as may be prescribed by the Income Tax Act in
Section 10(b) or such other statutory modifications or re-
enactment thereof as may be in force from time to time, shall
be payable on the amounts standing to the credit of Capital
Account, Loan Accounts or Current Accounts of the Partners,
from time to time.
10. Mr. Sunil Nath Pandey S/O Mr. Triloki Nath Pandey the party
of the First Part & Mr. Rajat Pandey S/O Mr. Sunil Nath
Pandey An and the party of the Second Part there in after
referred to as Working Partners shall devote such time and
attention in the conduct of the Partnership business as the
circumstances and the business needs may require. In
consideration thereof the Working Partners shall be entitled
to the remuneration as hereinafter mentioned. No fixed
remuneration shall be paid, however it shall be in accordance
with the provisions of Income Tax Act, 1961. The aggregate
remuneration payable to the working Partners in every year
shall be in the following ratio:—
(1) in the case of any Firm:—
(a). On first Rs. 3,00,000 of book profit or in case of
loss Rs. 1,50,000 or 90% of book profit, whichever
is more;
(b). Of the balance of the Book Profit at the rate of
60 percent.
(THE APPLICABLE CLAUSE SHOULD BE INCORPORATED)
The parties are at liberty to modify the remuneration payable
to each of the partners in accordance with the provisions of
Income Tax Act, 1961.
11. That the Remuneration and/or interest paid as above shall be a
charge on the Profit & Loss Account.
12. The share of the Partners in the profit and loss of the
partnership, after payment of interest on Partners’
Capital/Current/Loan account and remuneration to the working
Partner/s, shall be as follows
NAMES PERCENTAGE
(1) Mr. Sunil Nath Pandey 50%
(2) Mr. Rajat Pandey 50%
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Total 100.00 %
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13. Proper books of account shall be maintained as are usually
maintained in the trade and business of similar nature and
shall be maintained properly posted up and kept at the
principal place of business of the partnership or other
offices of the partnership as may be agreed upon and each of
the partners hereto shall be entitled to have inspection of
the said books of account and shall also be entitled to copy
or extracts there from.
14. As soon as practicable after the end of every accounting year
during the continuance of the partnership a general account
and valuation shall be taken and made up to the end of every
accounting year.
15. Each partner shall:
(a) devote his whole time and attention to the Partnership
business (except during holidays);
(b) punctually pay and discharge his separate debts and
engagements and indemnify the other partners and the
partnership assets against the same and all proceedings
cost, claims or demands in respect there of;
(c) Be just and faithful to the other partners in all
transactions relating to the partnership business and all
time to the others a true account of all such dealings.
16. None of the partners shall without the consent of the other
Partners:—
(a) engage or be concerned or interested either directly or
indirectly in any other similar business or occupation;
(b) engage, make any contract with or dismiss any employee;
(c) forgo the whole or any part of any debt or sum due to the
partners;
(d) except in the ordinary course of trade dispose of by loan
pledge, sale or otherwise of any part of the partnership
property;
(e) become bail guarantor or surety for any person or do or
knowingly suffer anything whereby the partnership property
may be endangered;
(f) assign or charge their interest in the firm or;
(g) draw or accept or endorse any bill of exchange or
promissory note on account of the partnership.
17. If any partner desires to retire from the partnership he/she
may do so after giving three months clear notice to other
partners.
18. Death of any of the partners hereto shall not dissolve the
partnership but the legal representatives of the deceased
partner shall be taken up as a partner in place and stead of
the deceased partner.
19. The rights, powers, duties and obligations of the parties
(partners) hereto shall be governed by The Indian Partnership
Act, 1932 or such other statutory modifications or re-
enactment thereof.
20. If any dispute arises between the parties hereto in respect
of the partnership, the same shall be referred to the
Arbitration under The Arbitration and Conciliation Act, 1996
or the Arbitration Act as may be in force.
IN WITNESS WHERE OF, the parties of the First and Second, part
here have put their respective hands on this DEED OF PARTNERSHIP on
the day, month and year first mentioned above.
Whitness :
1. Mr. Shashank Srivastava
2. Mr. Ayush Pandey
Partners:
1. Mr. Sunil Nath Pandey S/O Mr. Triloki Nath Pandey
2. Mr. Rajat Pandey S/O Mr. Sunil Nath Pandey
Dated: 31st of October 2023
Place: Lucknow
