Last updated at May 29, 2023 by Teachoo
Last updated at May 29, 2023 by Teachoo
DEED OF ADMISSION-CUM-RETIREMENT This AGREEMENT is made at 25th day of October 2017 between Mr. Sanjay Maurya residing at 228 Pusa Road Karol Bagh, Delhi (earlier resident of 147 Old Rajinder Nagar, Karol Bagh, Delhi). Here in after referred to as the ‘Continuing Partner’ of the One Part and Mr. Sachin Kumar Singh residing at 228 Pusa Road Karol Bagh, Delhi hereinafter referred to as ‘New Partner’ of the Second Part and Delhi Mr. Neeraj Joshi residing at LIG 3/20/526 Nehru Nagar, Kendriya Vidyalaya School, Huzur, Rewa here in after referred to as ‘Retiring Partner’ of the Third Part. WHEREAS – 1. The Continuing Partner and the Retiring Partner are carrying on business in partnership in the name of M/s Shine Web Solution (Pan No ADSFS4695K) under the Deed of Partnership dated 26st September, 2015 entered into by and between the Continuing Partner & the Retiring Partner. 2. The Continuing partner and the Retiring Partner have agreed to admit the New Partner as a partner in place of the Retiring Partner. 3. The Retiring Partner desires to assign or transfer his share in the said Partnership to the New Partner and retire from the partnership. 4. It is agreed to enter into this agreement to give effect to the said transaction. NOW IT IS AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS: 1. The Continuing Partner admit the New Partner as a Partner of the said Partnership in place of the Retiring Partner and on the basis of the same terms and conditions as are contained in the said Deed of Partnership hereinbefore recited as if the New Partner was a party to the said Deed of Partnership in place or instead of the Retiring Partner except that the New Partner will not be entitled to the benefits by way of profits earned during the period up to the date of these presents. 2. The share of the New Partner in the capital assets and profits and losses of the New Partner in the said Partnership will be the same as that of the Retiring Partner under the said Deed of Partnership. 3. The New Partner covenants with the said Continuing Partner that he holds himself liable and undertakes to paid the debts and liabilities of the said firm along with the continuing partner as if the said debts and liabilities were incurred while he was a partner of the said firm. 4. The Retiring Partner hereby assigns and transfers all his share, right, title and interest in the said partnership business together with all the assets including goodwill and all outstanding, benefits of all permits and licenses held by the Firm and outstanding contracts and confirm that no amount is due to him from New Partner or from Continuing Partner or the firm 5. The Retiring Partner releases all his rights and claims to and in the said Firm and its assets of all kinds. 6. The Retiring Partner agrees and undertakes not to carry on the business with same or similar name as that carried on by the Firm. However, he is free to carry out similar business with a different name if he so desires 7. The Continuing Partner agree to indemnify and keep indemnified the Retiring Partner against all loss, costs, charges and expenses that the Retiring Partner may suffer or incur on account of any claim being made against him as a Partner of the said firm. 8. The said Partnership between the Continuing Partner and the New Partner will continue hereafter on the same terms and conditions as are contained in the said Deed of Partnership. 9. The change in the Constitution of the said Partnership hereby effected will be notified to the Income Tax Department within the prescribed time IN WITNESS WHEREOF the parties hereto have put their respective hands the day and year first here in above written. Signed and delivered by the 1. Within named Continuing Partner Mr. Sanjay Maurya in the presence of …….. 2. Signed and delivered by the within named New Partner Mr. Sachin Kumar Singh in the presence of ……. 3. Signed and delivered by the within named Retiring Partner Mr. Neeraj Joshi in the presence of ……..