PARTNERSHIP DEED

This deed of partnership is executed on 13 th November’ 2019

Between Surender Singh (PAN- xxxxxxxxxx) S/o Sh. Shri Satbir Singh, R/o A-21, Bindapur
Extension, Uttam Nagar, West Delhi, Delhi-110059, India herein referred as partners,
and
Vipin Chaudhary (PAN- xxxxxxxxx) S/o Sh. Ramautar, R/o 456, Sarai Shekh,
Tikonoya Etawah, Uttar Pradesh- 206001 herein referred as partners, and
Govind Kumar (PAN- xxxxxxxxx) S/o Shri Gopal Kamat, R/o E-89, First Floor,
Jeevan Park- Pankha Road, Uttam Nagar, New Delhi, 110059 herein referred as
partners, and
Rahul Kumar Tiwari, (PAN- xxxxxxxxx) S/o Shri Ram Kripal Tiwari R/o 15,
B.T.M. Road, New Chiranjeev Colony, Bhiwani, Haryana, 127021 herein referred as
partners.
1.0 NAME OF THE BUSINESS

1.1 This partnership firm shall work under the name & style of M/s Janak Paint Point
(herein referred as firm).
2.0 PLACE OF BUSINESS

2.1 Place of business has been decided at A-21, Bindapur Extension, Uttam Nagar,
West Delhi, Delhi-110059, India.
2.2 This place of business can be changed as per the convenience of the business and
its requirements with the consent of all the partners.
2.3 In case of any change in the business place, it shall be intimated to all concerned
departments and authorities.
2.4 The firm may open its branches and offices at more than one place in India.

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3.0 BUSINESS OF PARTNERSHIP FIRM

3.1 This firm has been mainly established for carrying on business of providing the
business as-
 To carry on all the business of hotels, restaurants, cafes, holiday camps,
resorts, taverns, beer-houses, refreshment rooms, night clubs, cabarets and
swimming pools and Turkish baths and lodging or apartment house keepers,
licensed victuallers, wine, beer and spirit merchants, brewers, distillers,
bakers and confectioners, importers and manufactures of aerated mineral
and artificial water and other drinks and other ancillary business or any other
business
 To carry on the business of management consultants and advisors and to
provide management services in all forms and aspects of trade and industry,
including, without limitation, problem solving, team building, strategic and
operational planning, corporate communications, information technology and
knowledge management, corporate management, productivity, profitability,
human resource development, change processes, recruitment of managerial
personnel, manpower planning, cost control, marketing, advertisement, and
any other related activity, to companies, bodies corporate, governments,
central or state, municipal or local authority, society, undertaking, institution
or any association of persons or any individual, whether in India or abroad.
 To promote, encourage, establish, provide, maintain, conduct, operate,
organise and run beauty parlours and to do business as beautician,
manicurists, hair dyers, makers and suppliers of all kinds of wigs and to
conduct classes, seminars, demonstrations, education and training
programmes in the field of body care and to do all incidental acts as are
necessary to attain the main objects of the company.

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3.2 Firm may start any ancillary business to the main business.
3.3 This firm may start any other business also with the consent of all the partners.
4.0 BANK A/C OPERATION

4.1 Firm shall keep its bank account in any nationalized or scheduled bank in India at
desired place of working.
4.2 Firm can keep more than one bank account as it deem fit for its business.
4.3 Bank account shall be operated singly by partner No-1 i.e. Surender Singh of
the firm as mutually decided between the partners.
4.4 The above-mentioned authorities can also issue and accept cheques / hundi/
drafts/negotiable instruments on behalf of the firm.
4.5 The firm with the consent of all of the partners can change above-mentioned
signing authorities.
4.6 The act and deed of above-mentioned bank account operating partners shall be
binding on all of the partners.

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 5.0 POWERS/ DUTIES/ RESPONSIBILITIES OF THE WORKING ARTNER

5.1 The powers and duties of the Working Partner, which shall be exercised at his
sole discretion without any consent (written/verbal) from any of the remaining
partners, shall include but not be limited to the following:-
 Registration of the partnership deed and obtaining of the Registration
Certificate from the Registrar of Firms, if required.
 Obtaining the statutory approvals/ licenses/ registration of logo of Firm.
 Authorising anybody to do the liaison work with concerned Govt.
Departments.
 To convert this partnership Firm in LLP or Pvt. Ltd. or Ltd. Company as and
when Working Partner opts to do so.
 To appoint Consultant for the respective field like taxation/ legal as the need
may arise.
 Supervising the accounts and managing the day to day tasks of the Firm.
 To sue, file and institute any case on behalf of the Firm and defend any
claim, court case or proceedings filed against the Firm including issuing of
Vakalatnama/ Letter of Authority to the lawyers named herein below, filing
any affidavits, written statement, applications, petitions, suits, complaints etc.

6.0 JOINING OF NEW PARTNER

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6.1 The Firm may decide to take in any new investor with the consent of all the partner
as one of the partner after he /she /it remits the requisite funds as per the Firm’s
requirements w.e.f. 01st April and in the intervening period simple interest will be
payable by the Firm on the investment /deposits made by such new investor as per
prevailing borrowing rate of interest of nationalized bank.
6.2 Notwithstanding anything contained in clause above, any working Partner is hereby
authorized by all the partners to opt any other person / entity a Partner of the Firm
or enter into any contract including partnership on behalf of the Firm.
7.0 ACCOUNTS

7.1 The accounts of the Partnership shall be made up at end of the financial year or at
such date mutually agreed upon between the Partners and shall be kept at the
principal place of business. The assets and liabilities/ balance sheet and profit and
loss of the Partnership shall be signed by all the Partners and audited by auditors, if
required as per law.
7.2 That as per provisions of Partnership Act, personal and business expenses shall be
booked separately by the Firm under the expense group namely Business Expense
& Personal Expense.
8.0 ARBITRATION

8.1 In the event of any dispute or differences arising between the parties hereto either
touching or concerning the construction, meaning or effect of this Deed or the
respective rights and liabilities of the parties hereto, or their enforcement there
under, it shall be first settled amicably through discussions between the parties and
if not resolved then otherwise referred to the arbitration of a Sole Arbitrator if agreed
upon, failing which to the Sole Arbitrator as appointed by the Court in accordance
with the provisions of the Arbitration and Conciliation, Act 1996. The arbitration
proceedings shall be conducted at Delhi in English language.
9.0 SEVERABILITY

9.1 This deed constitutes the entire understanding/agreement between the parties
taking precedence over and superseding any prior or contemporaneous oral or
written understanding. Unless otherwise provided herein, this deed cannot be
modified, amended, rescinded or waived, in whole or part except by a written
instrument signed by all the parties to this deed. The invalidity or unenforceability of
any terms or provisions of this deed shall not affect the validity or enforceability of
the remaining terms and provisions of this deed, which shall remain in full force and
effect.
10.0 COVENANTS

10.1 No partner shall without the written consent of all other remaining Partners or
resolution of the Firm passed by the Partners,
(i) make any other person/entity a partner with him/her or enter into any
contract. transfer, sell, assign, mortgage or charge his/her shares and/or
interest in the Partnership and/or in the assets and/or profit of Firm.
(ii) compromise or compound or release or discharge any debt due to the Firm.
(iii) draw, accept or endorse on behalf of the Firm any bill of exchange and/or
promissory note and/or pledge the credit of the Firm.
(iv) enter into any bond or stand bail or surety for any person or knowingly

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 cause or permit anything whereby the Partnership property may be
endangered.
(v) dispose of by loan, pledge, sell, transfer any moveable/immoveable
property of the Firm/ Partnership on behalf of the Firm/ Partnership.
(vi) enter into Partnership on behalf of the Firm.
(vii) borrow in the name of the Firm.
(viii) If any of the partner commits any breach of any of the stipulations contained
herein he/she hereby indemnifies the Firm/ all the remaining Partners from
all damages, losses and expenses from such breach.
11.0 DISSOLUTION

11.1 That it is specifically agreed by and between the Partners herein that the Firm shall
not be dissolved in the event of death/ insolvency of any one of the Partners, but
shall continue with the existing Partners. However, no legal representative or heir of
the deceased partner shall be entitled to become a partner and interfere in the
management of the affairs of the Firm/Partnership
11.2 Only those legal representative or heir, who would be duly nominated as per the Will
(subject to verification of authenticity/validity of said document) of the deceased
partner, shall be entitled to inspect the account books and the vouchers in support
thereof for the purpose of ascertaining his/her share therein and the profits
accruing/due thereon. Such duly nominated legal representative or heir shall not,
however be liable for any losses incurred after the demise of the partner unless he
is taken as a partner in place of the deceased partner immediately on such demise.
In the event any of the Partner dies without leaving any Will or nomination, legal
heirs of the said Partner would be entitled to receive the dues of the said Partner as
may be payable to him on date of his death only after producing an appropriate
order to that effect from the Court of appropriate jurisdiction.
11.3 That it is agreed between the Partners that in case of retirement/ resignation of any
partner(s) from the Firm, the Partnership shall not be dissolved but shall continue
with the remaining Partners.
12.0 REGISTRATION

12.1 The Firm may be registered pursuant to the Indian Partnership Act, 1932 and Firm
may subsequently apply for the requisite licenses/ approvals for conduction of its
business to the appropriate authorities. Any change which may occur in the
particulars to be furnished hereunder shall forthwith be notified to the Registrar of
firms in a statement specifying the date and nature of such change signed by all the
Partners and /or by the Managing Partner. The emblem/ logo of the Firm shall be
printed on the letterheads of the Firm and the said emblem/ logo of the Firm shall be
duly applied for registration as a trademark, to the appropriate authority.

13.0 DETERMINATION OF PARTNERSHIP

13.1 On the determination of Partnership from whatever cause, the Partnership shall be
wound up and the assets, movable as well as immovable, shall be distributed
amongst the Partners in the profit sharing ratio mentioned hereinbefore or in any
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 other manner as may be mutually agreed upon between the Partners at the time of
dissolution.
14.0 PROVISIONS OF INDIAN PARTNERSHIP ACT, 1932

14.1 That for all other matters not specifically mentioned in this Partnership deed, the
provisions of Indian Partnership Act, 1932 shall apply.
15.0 OTHER TERMS OF PARTNERSHIP

15.1 Partnership business shall be done in the name and style of M/s Janak Paint
Point.
15.2 This partnership shall be at will subject to one month notice from either side.
15.3 As a legal binding firm cannot have more than 20 partners.
15.4 Each and every partner shall remain partner in profit and loss of the
business in following ratio :-
Name of Partner Profit Sharing Ratio
Surender Singh 25%
Vipin Chaudhary 25%
Govind Kumar 25%
Rahul Kumar Tiwari 25%
15.5 Each partner shall contribute proportionate capital in the firm on as and when
required basis.
15.6 That the capital of the firm shall be contributed by the parties in such proportion as
may be mutually decided. The amount standing to the credit of individual partners
account shall carry simple interest at the rate of 12% per annum or such rate as
may be prescribed under section 40(b) (iv) of the Income Tax Act, 1961 or any other
applicable provision as may be in force for the relevant assessment year. If there is
any debit balance in account of any partner, interest at the same rate shall be
payable by him. The interest shall be credited/ debited – as the case may be – to
the partners’ account on close of the accounting year.
15.7 If any partner wants to discontinue with the partnership firm, he shall have to offer
his share first to existing partners. If none of the partner takes his share than only he
can offer it to outer party.
15.8 In case of death of any of the partner firm shall not be dissolved. Deceased partners
nominee or legal hearer shall be admitted as partner in the firm and he shall have all
of the rights as deceased was having.
15.9 In case of more than one legal hearer firm reserves the right to admit only one
partner as mutually decided by the legal hearers.
15.10 No Partner shall receive salary from the firm and only share profit and loss in the
ratio as mentioned in this deed.
15.11 Firm can borrow money from banks and other parties with the consent of all of the
partners only. All of the partners can also make specific POA in the name of
single/more than one partner for doing so for the smooth functioning of business.
15.12 The firm shall pay none of the personnel liability of the partner or partners
15.13 At the time of sale or purchase of any property or part of the property a fresh POA
shall be prepared to give specific authority to do so in the name of one or mare
partners name as decided by all of the partners

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 15.14 These acting partners will have rights to do as they deem fit for the operation of
firms business and in the interest of the firm business
15.15 Partnership firm shall have its financial year from 1 st April to 31st March of each year.
15.16 Partnership firm’s books of accounts shall be kept at the business place of the
company or any other place mutually decided by all the partners.
15.17 Acting partners shall keep ready books of accounts within the two month
immediately after the close of financial year. Acting partners shall inform for same to
all of the partners within 15 day’s. All of the partners can check the accounts and
ask for the clarification if any from the acting partners. There after they shall have to
sign the balance sheet and profit & loss account. If any of the partners do not comes
and signs the statement of affair within 15 day’s of getting the information it shall be
presumed that he/she has checked the accounts and there is no objection from their
side.
15.18 In case of dissolution of the partnership firm following system shall apply:
(i) Books of accounts shall be prepared till the date of dissolution
of partnership.
(ii) All of the liabilities whether to government, semi government or
private parties shall be paid from the firm’s assets.
(iii) Remaining amount liability/assets shall be distributed among
the partners in their interest ratio in business.
15.19 The Jurisdiction of the Court for any dispute is Delhi.
In witness thereof this deed is made as on date.

Signature of Partners:

(Surender Singh)

(Vipin Chaudhary)

(Govind Kumar)

(Rahul Kumar Tiwari)

Signature of Witness with address:
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(Signature-Witness 1)
Name:
Father Name:
Address:

(Signature-Witness 2)
Name:
Father Name:
Address: