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Non Judicial Stamp Paper of Rs.

1000/-
LIMITED LIABILITY PARTNERSHIP
AGREEMENT
This Limited Liability Partnership Agreement (the LLP Agreement)
made and entered into on this 11
th
day of September, 201 at Ahmedabad,
!"#arat, $ndia by and amongst%
1. MR. ANAND RONAKKUMAR SANGHVI, &ind", $ndian
$nhabitant, ad"lt, o''"pation (ons"ltan'y, residing at 10 &,
Abhilasha Appartment, )pp* Aarohi +"ngla, Satellite, Ahmedabad,
AS ,esignated Partner- hereinafter referred to as the party of the
FIRST PART;
2. MR. CHINTAN MAHESHBHAI PATEL, &ind", $ndian
$nhabitant, ad"lt, o''"pation (ons"ltan'y, residing at 2,
.amdhen" Appartment, S/asti0 So'iety, 1a/rangp"ra,
Ahmedabad, AS ,esignated Partner- hereinafter referred to as the
party of the SECOND PART;
3. MS. JINDAGI HASMUKHRAI SHAH, &ind", $ndian
$nhabitant, ad"lt, o''"pation (ons"ltan'y, residing at 2234, 1ano
+hata/ado, Shahp"r, Ahmedabad 5 40001, AS ,esignated
Partner- hereinafter referred to as the party of the THIRD PART;
. MR. NAISHAL PRATIK SHAH, &ind", $ndian $nhabitant, ad"lt,
o''"pation (ons"ltan'y, residing at !62, Ayodhyanagar
Apartment, 1r* 7as"ri Par0, 8smanp"ra, Ahmedabad 5 4001,
AS ,esignated Partner- hereinafter referred to as the party of the
THIRD PART;
(9hi'h e:pression shall "nless, it be rep"gnant to the 'onte:t or
meaning thereof in'l"de their respe'ti/e heirs, e:e'"tors,
administrators, legal representati/es, s"''essors, transferees and
assigns)*
(,epending on the 'onte:t in 9hi'h s"'h term is "sed, ea'h party to this
Agreement shall be sing"larly 0no9n as ;Partner< or ;Party< and
'olle'ti/ely as ;Partners< or ;Parties<)

!HEREAS the parties hereto are desiro"s to start and 'arry on the
b"siness in the form of Limited Liability Partnership (;LLP<)
AND !HEREAS p"rs"ant to this LLP Agreement, the parties hereto
ha/e agreed to form a Limited Liability Partnership in the name and style
of ;=ALS>?=> ()?P)?AT> A,=$S)?S LLP< in a''ordan'e 9ith
the pro/isions of the Limited Liability Partnership A't, 2004, and as
amended from time to time*
AND !HEREAS the parties hereto ha/e agreed to #ointly do and 'arry
on in $ndia or else9here the b"siness to pro/ide in $ndia or else9here the
"nderlying ser/i'es or to a't as /al"ation 'ons"ltants, @inan'ial ad/isors
for /al"ation ser/i'es, >/al"ators, Appraisers, Transa'tion Ad/isors, ,"e
,iligen'e ?e/ie9ers A Ad/isory on 7ergers, A'B"isitions, Coint
=ent"res, Ta0eo/ers, =al"ers and ad/isors of ?eal >state, A"dit and ta:
ad/isory ser/i'es, =al"ers of plant A 7a'hinery, +"siness /al"ers of
Listed and "nlisted 'ompanies, Ad/isors on =al"ation of $ntangible
Assets A intelle't"al Property, et'* and to do all in'idental a'ts and
things ne'essary for the attainment of the foregoing ob#e't and other
an'illary b"siness as the partner may thin0 fit, in the name and style of
;=ALS>?=> ()?P)?AT> A,=$S)?S LLP< on the terms set forth in
this LLP Agreement*
NO!, THEREFORE, THIS LIMITED LIABILIT"
PARTNERSHIP AGREEMENT !ITNESSETH AS FOLLO!S#
ARTICLE 1 # RECITALS
The Parties hereto ha/e agreed and hereby 'onsent to this LLP
Agreement%D
to form a Limited Liability Partnership in the name and style of
;VALSERVE CORPORATE ADVISORS LLP$-
to pro/ide for their respe'ti/e rights, po9ers, d"ties and obligations
as Partners- and
to red"'e the terms and 'onditions relating to the management,
operations and 'los"re of the LLP in 9ritings*
This LLP Agreement shall be filed 9ith the ?egistrar at the time of
in'orporation of the LLP in a''ordan'e 9ith the pro/isions of the LLP
A't, and s"bseB"ently on ea'h modifi'ation(s) thereto*
The b"siness of the LLP shall 'ommen'e and shall be deemed to be
'ommen'ed 9ith effe't from the date of the in'orporation 'ertifi'ate
iss"ed by the LLP a"thority*
ARTICLE 2 # DEFINITIONS
2.1 $n this LLP Agreement and the S'hed"les anne:ed hereto the
follo9ing terms shall ha/e the meanings as assigned to them herein
belo9, "nless the 'onte:t other9ise reB"ires%
(a) %A&&'e((), in relation to a partner of an LLP, means an
indi/id"al, their "s"al residential address mentioned
hereinabo/e-
(b) %A*'ee+e,t$ -' LLP A*'ee+e,t$ means this Agreement, as
originally e:e'"ted and as amended, modified or
s"pplemented from time to time-
(') A..-/,t0,* "e1') -' %F0,1,.012 3e1') of the LLP means the
period from the 1
st
day of April of a year to the 1
st
day of
7ar'h of the s"bseB"ent year-
(d) %B/(0,e(() means the b"siness to be 'ond"'ted by the LLP as
more f"lly des'ribed in point * belo9*
(e) %C140t12 .-,t'05/t0-,() means the 'ontrib"tions made by the
Partners to the LLP P"rs"ant to Arti'le 4 hereof and, in the
'ase of all the Partners, the same 9o"ld refer to the aggregate
of all s"'h 'apital 'ontrib"tions-
(f) %C-,60&e,t012 I,6-'+1t0-,) means and in'l"des, b"t is not
limited to, all information of a se'ret or 'onfidential nat"re
relating to the affairs of ;=ALS>?=> ()?P)?AT>
A,=$S)?S LLP< or any person related to the LLP 9hose
information is held 9ithin the LLP* This 0ind of information
9o"ld also in'l"de in its ambit, any and all information that is
essential to 'arry on day6to6day b"siness of the LLP and as
may be de'ided by a ma#ority of the Partners from time to
time-
(g) De(0*,1te& P1't,e'7(8) mean the Partner(s) 9hose name
isEare set forth in the S'hed"le 1 to this Agreement and
in'l"de any Partner designated as s"'h p"rs"ant to the
pro/isions of this LLP Agreement, and 9ho has gi/en his
prior 'onsent to a't as s"'h to the LLP in the pres'ribed form-
(h) LLP A.t or the A.t shall mean the Limited Liability
Partnership A't, 2004, as amended from time to time-
(i) LLP R/2e() -' %the R/2e($ mean the Limited Liability
Partnership ?"les, 200F, as amended from time to time-
(#) P1't,e'7(8) in relation to this LLP, means any person 9ho
be'omes a partner in this LLP in a''ordan'e 9ith the LLP
Agreement from time to time*
(0) %P1't,e'($ I,te'e(t means the o9nership interest of a Partner
in the LLP, in'l"ding a Partners< right to share in the in'ome,
gain, loss, ded"'tion and 'redits of and the right to re'ei/e
distrib"tions from the LLP* $t also in'l"des a Partners< right
to /ote and other9ise parti'ipate in the operation or affairs of
the LLP as pro/ided for in this Agreement and "nder the LLP
A't-
(l) %Re*0(t'1'$ shall ha/e the meaning, as assigned "nder the LLP
A't-
(m) %Re(0&e,t 0, I,&01) means a person 9ho has stayed in $ndia
for a period of not less than one h"ndred and eighty t9o days
d"ring the immediately pre'eding one year*
2.2 Terms not defined herein b"t defined "nder the LLP A't or LLP
?"les, shall ha/e the respe'ti/e meaning assigned to them "nder
the LLP A't or LLP ?"les*
2.3 8nless spe'ifi'ally stated to the 'ontrary, any mas'"line 9ord
(his) or e:pression shall in'l"de feminine (her) and /i'e /ersa
and any sing"lar 9ord or e:pression shall in'l"de pl"ral and /i'e
/ersa*
ARTICLE 3 # NAME, OBJECTIVES AND FORMATION
3.1 N1+e
The b"siness of the LLP shall be 'arried on in the name and style
of =ALS>?=> ()?P)?AT> A,=$S)?S LLP* Any 'hange in
the name of the LLP shall be notified to the ?egistrar by the
,esignated Partner(s) in a''ordan'e 9ith the pro/isions of the LLP
A't and the ?"les*
3.2 Re*0(te'e& O660.e
The LLP shall ha/e its registered offi'e sit"ated at A 2, Sattar
Tal"0a So'*, 1a/#i/an, Ahmedabad 5 40012, andEor at s"'h other
pla'e as may be m"t"ally agreed "pon*

3.3 B/(0,e((
To 'arry on in $ndia or else9here the b"siness to pro/ide in $ndia
or else9here the "nderlying ser/i'es or to a't as /al"ation
'ons"ltants, @inan'ial ad/isors for /al"ation ser/i'es, >/al"ators,
Appraisers, Transa'tion Ad/isors, ,"e ,iligen'e ?e/ie9ers A
Ad/isory on 7ergers, A'B"isitions, Coint =ent"res, Ta0eo/ers,
=al"ers and ad/isors of ?eal >state, A"dit and ta: ad/isory
ser/i'es, =al"ers of plant A 7a'hinery, +"siness /al"ers of Listed
and "nlisted 'ompanies, Ad/isors on =al"ation of $ntangible
Assets A intelle't"al Property, et'* and to do all a'ts and things
ne'essary for the attainment of the abo/e ob#e'ts*
3. Te'+
The LLP as 'onstit"ted "nder this Agreement shall be deemed to
'ommen'e its b"siness on and from the date of in'orporation of the
LLP and shall 'ontin"e "ntil dissol/ed and liB"idated in
a''ordan'e 9ith the pro/isions set forth in this Agreement and as
pro/ided "nder the A't andEor the ?"les*
3.9 I,.-'4-'1t0-,
The in'orporated LLP shall be d"ly organiGed and 'ontin"e to
/alidly e:ist "nder the la9s appli'able to it* The LLP, "pon its
in'orporation, shall be B"alified to do b"siness and shall ha/e all
the reB"isite po9ers and a"thorities to inter alia 'ond"'t its
b"siness, to o9n, lease and operate its properties and to e:e'"te,
deli/er and perform this Agreement*
The Partners shall 'omplete and deli/er s"'h forms as may be
reB"ired by the ?egistrar and pay all reB"ired fees to in'orporate
the LLP in a''ordan'e 9ith the LLP A't* The 'ertifi'ate of
registration of the LLP shall be 0ept at the ?egistered offi'e of the
LLP*
3.: B1,;e'7(8
The a"thoriGedEdesignated Partners of the LLP shall open a ban0
a''o"ntEs in s"'h ban0Es in the name of the LLP, as the Partners
may from time to time "nanimo"sly agree "pon* The ban0 a''o"nt
shall be operated by any one of the ,esignated Partners or in s"'h
manner as may be de'ided "nanimo"sly by all the Partners present
in the meeting in 9hi'h s"'h de'ision is ta0en*
ARTICLE # PARTNER AT THE TIME OF INCORPORATION
.1 The partners 9ho ha/e s"bs'ribed their names to this LLP
Agreement and to the in'orporation do'"ment to be filed 9ith the
?egistrar on the in'orporation of the LLP, shall be the Partners of
the LLP at the time of its in'orporation*
.2 Ch1,*e( 0, P1't,e'(
Any 'hange in the Partnership shall be refle'ted in this Agreement
and shall be intimated to the ?egistrar in a manner and by gi/ing
s"'h noti'e, as pres'ribed "nder the LLP A't*
ARTICLE 9 # DESIGNATED PARTNER
9.1 De(0*,1te& P1't,e'( 1t the t0+e -6 0,.-'4-'1t0-,
The names of the ,esignated Partners, as on the date of
in'orporation, along 9ith their 'orresponding ,esignated Partner
$dentifi'ation 1"mber (,P$1) and signat"res ha/e been
pro/ided in the said S(&>,8L> 1*
9.2 Re(4-,(05020t3 -6 2e*12 .-+4201,.e
All the parties hereto shall be responsible for doing of all s"'h a'ts,
matters and things as are reB"ired to be done by the LLP in respe't
of 'omplian'e 9ith the pro/isions of the LLP A't in'l"ding filing
of any do'"ment, ret"rn, statement and the li0e report p"rs"ant to
the pro/isions of the LLP A't or as spe'ified in this LLP
Agreement*
9.3 Ge,e'12 '-2e
$n addition to their spe'ifi' role and responsibility "nder any
Arti'le(s) of this Agreement, the ,esignated Partners shall be
responsible for 'arrying o"t the pro/isions and the p"rpose(s) of
this Agreement*
9. Re+/,e'1t0-,
The LLP shall o"t of the in'ome earned on a pro#e't shall pay 10H
of the in'ome as referral fees to the ,esignated Partner d"e to
9hose referen'e the pro#e't has been a/ailed and I0H e:e'"tion
fees of the pro#e't to the ,esignated Partner 9ho has e:e'"ted the
said pro#e't and the remaining in'ome on the pro#e't shall be 0ept
in the firm*
ARTICLE : # MANAGEMENT OF THE PARTNERSHIP
:.1 D13 t- &13 +1,1*e+e,t
S"b#e't to the pro/isions of this Agreement, day6do6day operations
of the LLP shall be /ested 9ith all the Partners #ointly, 9ho shall
ha/e the po9er on behalf and in the name of the LLP to 'arry
b"siness and e:e'"te, sign all of the papers of the LLP, in the
manner pres'ribed herein belo9*
:.2 De.0(0-, 53 +1<-'0t3
8nless is other9ise pro/ided herein or pres'ribed in the A't, all
spe'ifi' de'isions 9ill be made on a ;simple ma#ority< basis*
?eferen'e to ;simple ma#ority< shall be made to in the 'onte:t of
all the partners hereto*
:.3 De2e*1t0-, -6 1/th-'0t3
All the parties thro"gh a resol"tion passed at their meeting
a"thoriGe the ,esignated Partners to do s"'h spe'ifi' a'ts, deeds
and things, as they may thin0 fit and proper*
:. M1tte'( 'e=/0'0,* 144'->12 -6 De(0*,1te& P1't,e'(
S"b#e't to the pro/isions of this Agreement, the follo9ing shall be
"nanimo"sly de'ided "pon and appro/ed by the designated
partners%
(a) (hange of name of the LLP
(b) (hange in b"siness(es) of the LLP by 9ay of omitting, adding
or s"bstantially 'hanging any b"siness(es)-
(') Admission of ne9 Partner-
(d) $n'rease in the 'apital 'ontrib"tion of the Partners-
(e) Appointment or remo/al of a ,esignated Partner-
(f) )pening of ne9 ban0 a''o"nt in the name of the LLP-
(g) P"r'hase of any fi:ed assets or s"'h other things or in'"rring of
any 'apital e:pendit"re
(h) Amendment to any Arti'le of this Agreement-
(i) ?emo/al of A"ditor-
(#) @inalising and signing the ann"al statement of a''o"nts and
statement of sol/en'y*
ARTICLE ? # MEETING
?.1 F'e=/e,.3 -6 +eet0,*(
Periodi' meetings shall be held as determined by the #ointly by all
the Partners of LLP* There shall not be a gap of more than three
months bet9een t9o meetings* 7eetings of the Partners for any
spe'ifi' p"rpose may be 'alled at any time by 9ay of the
,esignated Partners or by any other Partner*
?.2 Se'>0.e -6 ,-t0.e 6-' +eet0,* -6 P1't,e'(
The meeting of Partners may be 'alled by gi/ing 3 day<s noti'e*
The meeting may be 'alled at a shorter noti'e, pro/ided ma#ority of
the Partners agree thereto either by 9ay of an ad/an'e
'omm"ni'ation to the LLP or in the 'on'erned meeting itself*
?.3Se'>0.e -6 ,-t0.e 6-' +eet0,* -6 P1't,e'(
The meeting of the Partners may be 'alled by sending 3 day<s prior
noti'e to all the Partners at their residential address or
ele'troni'ally to the email addresses pro/ided by the indi/id"al
Partners in 9riting to the LLP*
?. Meet0,* th'-/*h te2e.-,6e'e,.0,*, >0&e-.-,6e'e,.0,*, -'
th'-/*h 1,3 -the' te2e.-++/,0.1t0-,@e2e.t'-,0. +e&01
A meeting of the Partners may be 'ond"'ted thro"gh
tele'onferen'ing, /ideo'onferen'ing, or thro"gh any other
tele'omm"ni'ationEele'troni' media, to 9hi'h the Partners may
agree to*
?.9A44-0,t+e,t -6 Ch10'+1,
At ea'h meeting, a (hairman shall be appointed from amongst the
parties hereto, 9ho shall preside o/er the pro'eedings of the said
meeting*
?.: Ve,/e -6 +eet0,*
The meeting of Partners shall ordinarily be held at the registered
offi'e of the LLP or at any other pla'e as may be "nanimo"sly
de'ided by the Partners*
?.? A/-'/+
T9o Partners, o"t of 9hi'h one sho"ld be designated partner,
personally present thro"gho"t the meeting, shall 'onstit"te the
B"or"m for a meeting of the Partners* $n 'ase the B"or"m is not
present at the beginning of the meeting or 9here the attendan'e
falls belo9 t9o at any time d"ring the meeting, the meeting shall
be ad#o"rned to the same time and pla'e on the ne:t 9or0ing day*
$n 'ase B"or"m is not present at s"'h ad#o"rned meeting also, a
fresh noti'e 'alling the meeting shall ha/e to be sent to all the
Partners in the manner pres'ribed herein*
?.B M0,/te(
The de'isions ta0en at ea'h meeting of the LLP shall be fairly and
a''"rately re'orded in the min"tes and s"'h min"tes shall be
maintained at its registered offi'e* The min"tes of a meeting shall
be signed by the (hairman of that meeting or by the (hairman of
the immediate ne:t meeting*
ARTICLE B# PARTNERS$ CONTRIBUTION
B.1 I,0t012 .-,t'05/t0-,
The LLP shall maintain separate 'apital 'ontrib"tion a''o"nt for
ea'h Partner* The 'apital of the LLP shall be 'ontrib"ted in the
proportion detailed in S(&>,8L> 2* >a'h Partner<s 'ontrib"tion
to, or 9ithdra9al from, the LLP shall be respe'ti/ely 'redited to or
debited to the Partner<s 'apital a''o"nt or the '"rrent a''o"nt, as
the 'ase may be*
B.2 F-'+( -6 .-,t'05/t0-,
The 'ontrib"tion of the Partner may be tangible, intangible,
mo/eable or immo/able property, or in the form of 'ontra't of
ser/i'e, et'* &o9e/er, the 'ontrib"tion in a form other than money
shall be /al"ed by an appro/ed /al"er, as pro/ided "nder the LLP
A'tE?"les*
B.3 N1t/'e -6 .-,t'05/t0-,
S"b#e't to the pro/isions of this Agreement, the 'apital
'ommitment of all the parties hereto shall represent the ma:im"m
aggregate amo"nt of 'ash and property that ea'h partner is reB"ired
to 'ontrib"te to the 'apital of the LLP in eB"al manner and in terms
of this Agreement- and shall not be 'hanged d"ring the term of the
LLP, 9itho"t s"'h Partner<s 'onsent*
B.A&&0t0-,12 .-,t'05/t0-,
Any f"rther 'apital 'ontrib"tion, if reB"ired by the LLP, shall be
bro"ght by all the parties as per their profit sharing ratio* A
de'ision to bring in f"rther 'apital 'ontrib"tion shall be ta0en by all
the partners in a d"ly 'on/ened meeting*
B.9 !0th&'1C12 -6 .-,t'05/t0-,
S"b#e't to the pro/isions of this Agreement, partner shall ha/e the
right to 9ithdra9 from the LLP all or any part of his 'apital
'ontrib"tion 9ith the 'onsent of the other partners*
B.: M-&e -6 'et/', -6 .140t12 .-,t'05/t0-,
A partner, irrespe'ti/e of the nat"re of his 'apital 'ontrib"tion,
shall only ha/e the right to demand and re'ei/e 'ash in ret"rn for
his 'apital 'ontrib"tion* This shall ho9e/er be s"b#e't to the
agreement of the partners in d"ly 'on/ened meeting*
B.? I,te'e(t -, .-,t'05/t0-,
$nterest shall be paid E'harged on the 'apital a''o"nts of the
partners J 12H per ann"m or at s"'h other rate or rates as may be
spe'ified as the ma:im"m rate of interest in se'tion 20(b)(i/) of the
$n'ome Ta: A't, 1FK1, from time to time*
P?)=$,>, that the aggregate amo"nt of interest payable on the
'apital a''o"nts of the partners in any year shall not e:'eed the
amo"nt of boo0 profits of the firm for that year arri/ed at before
ded"'ting that interest- That, in the e/ent of the aggregate amo"nt
of interest payable on the 'apital a''o"nts of the partners being
restri'ted as aforesaid, the restri'ted amo"nt of interest shall be
payable to the partners 'on'erned in the ratio of the amo"nt of
interest on the 'apital a''o"nts of the Partners before 'onsidering
the restri'tion "nder this pro/iso*
B.B L015020t3 0, .1(e -6 &e1th -' &0(15020t3 -6 P1't,e'
The interests of Partners in the LLP 'onstit"te their personal estate*
$n the e/ent of the death or legal disability of any Partner, the legal
heirs of s"'h Partner be'ome the partner of the LLP* $n 'ase a
Partner is not a nat"ral person, the a"thoriGed representati/e of
s"'h Partner shall be bo"nd by the pro/isions of this LLP
Agreement*
ARTICLE D# ADMISSION OF PARTNERS@DESIGNATED
PARTNERS
D.1 A&+0((0-, -6 1 ,eC P1't,e'
A ne9 Partner may be introd"'ed 9ith the 'onsent of all the parties
hereto on s"'h terms and 'onditions as the parties hereto may agree
9ith the person to be introd"'ed as a Partner in the LLP*
D.2 Ch1,*e 0, De(0*,1te& P1't,e'
The LLP may appoint or remo/e a ,esignated Partner 9ith the
appro/al of all the parties hereto* $n any de'ision 'on'erning
remo/al of a ,esignated Partner, the 'on'erned ,esignated Partner
shall not be a party and shall not be entitled to 'ast his /ote*
D.3 N/+5e' -6 De(0*,1te& P1't,e'(
The LLP shall, at all gi/en times ha/e at least t9o ,esignated
Partners, one of 9hom shall be resident in $ndia* $n 'ase no
,esignated Partner is appointed or if at any time there is only one
or no ,esignated Partner, ea'h Partner shall be deemed to be a
,esignated Partner*
ARTICLE 1E # CESSATION OF PARTNERS
1E.1 Re(0*,1t0-,@V-2/,t1'3 C0th&'1C12
1o Partner shall 9ithdra9 or resign from the LLP 9itho"t the prior
'onsent of other Partners pro/ided s"'h 'onsent is not
"nreasonably 9ithheld or delayed* A Partner may tender his intent
to resign as a Partner by gi/ing not less than 06days< noti'e in
9riting*
1E.2 E,t0t2e+e,t -6 'e(0*,0,*@De.e1(e& P1't,e'
The resigning PartnerEthe former Partner, or a person entitled to his
share in 'onseB"en'e of the death or insol/en'y of the former
partner, shall be entitled to re'ei/e follo9ing from the LLP 6
(a) an amo"nt eB"al to the 'apital 'ontrib"tion of the former
Partner a't"ally made to the LLP- and
(b) his or her right to share in the a''"m"lated profits of the
LLP, after the ded"'tion of a''"m"lated losses of the LLP,
determined as at the date the former Partner 'eased to be a
Partner*
S"'h, entitlements shall ho9e/er be s"b#e't to ded"'tionE'harging of
appli'able ta:es, if any* A former partner or a person entitled to his
share in 'onseB"en'es of the death or insol/en'y of the former
partner shall not ha/e any right to interfere in the management of the
LLP, in any manner 9hatsoe/er*
1E.3 De1th -6 1 P1't,e'
)n the death of any Partner, the LLP shall not be dissol/ed* $n
s"'h a 'ase, the follo9ing order of preferen'e shall be follo9ed%
(i) selling of de'eased partner<s share to any of the e:isting
Partners< 9ith the 'onsent of his legal heirEs, or
(ii) in 'ase the e:isting Partners ref"se to p"r'hase the share as
abo/e, selling the share to s"'h partners and the legal heir*
The person p"r'hasing the share of the de'eased Partner shall also
enter into a 'o/enant to indemnify the legal representati/es of the
de'eased Partner from the e:isting and f"t"re debts, obligations and
liabilities of the LLP* $n addition, the person p"r'hasing the shares of
the de'eased partner shall sign a ;,eed of Adheren'e< to the effe't
that he shall "n'onditionally hono"r this LLP Agreement*
1E. Dete'+0,1t0-, -6 4'0.e -6 (h1'e -6 the 'e(0*,0,*@&e.e1(e&
P1't,e'
Pri'e of the share of resigningEde'eased Partner generally shall not
be less than the amo"nt at 9hi'h s"'h share shall stand in the last
balan'e sheet, as at the date the former Partner 'eased to be a
Partner* The selling partner or in the e/ent of his death, his
a"thoriGed representati/e may 'harge s"'h premi"m or, as the 'ase
may be, apply s"'h dis'o"nt as the parties may m"t"ally agree on
the basis of a /al"ation done by a /al"ation professional*
1E.9 EF4/2(0-, -6 P1't,e' 1,& te'+0,1t0-, -6 h0( -' he' 41't,e'(h04
$f any Partner6
+e'omes insol/ent, the LLP 9ill not be dissol/ed* The insol/en'y
shall 'a"se a"tomati' /a'ation of offi'e of s"'h Partner in the LLP-
'ommit a material brea'h (other than a te'hni'alEpro'ed"ral
defa"lt) of any of the pro/isions of this Agreement- or
(ommits any 'riminal offen'e or does or s"ffers any a't 9hi'h
9o"ld be a gro"nd for the dissol"tion of the LLP by the
(o"rtETrib"nal,
$t shall be, in s"'h a 'ase, la9f"l for the other Partners by noti'e in
9riting to the offending or in'apa'itated Partner or his tr"stee or
offi'ial assignee to e:pelEterminate s"'h Partner and the other Partners
shall ha/e the option to p"r'hase his and pay the p"r'hase pri'e to the
offending Partner or his tr"stee or offi'ial assignee*
1E.: I,(-2>e,.3 -6 P1't,e'
$f a Partner be'omes insol/ent, the LLP 9ill not be dissol/ed* The
insol/en'y shall 'a"se a"tomati' /a'ation of offi'e of s"'h Partner
in LLP* The remaining Partners shall ha/e the option to p"r'hase
the share of s"'h insol/ent Partner and the p"r'hase pri'e shall be
'al'"lated in the manner pres'ribed in Arti'le 10*2 hereof*
1E.? Othe' e66e.t( -6 .e((1t0-,
The 'essation of a PartnerE,esignated Partner from a LLP shall not
by itself dis'harge the Partner from any obligation to9ards the LLP
or to the other Partners or to any other person 9hi'h he in'"rred
9hile being a PartnerE,esignated Partner*
ARTICLE 11 # BOOKS OF ACCOUNTS
11.1 B/(0,e(( t- 5e .1''0e& -/t 0, the ,1+e -6 LLP
All transa'tions of the LLP shall be done in the name of the LLP
and all goods shall be p"r'hased or sold by and in the name of the
LLP* Similarly, all ser/i'es be a/ailed or rendered by and in the
name of the LLP* All the bills, /o"'hers, deli/ery notes, et'* shall
be iss"ed in the name of the LLP*
11.2 A..-/,t0,* -6 LLP eF4e,(e(
All o"tgoing and e:penses of the LLP and all losses or damages
in'"rred, interest payable for any loans re'ei/ed and ta:es, et' shall
be paid first o"t of the profits of the LLP- and ne:t o"t of Partners<
'apital a''o"nt in the shares in 9hi'h they are entitled to the net
profits of the LLP*
11.3 LLP 'e.e0>152e(
All moneys, bills notes, 'heB"es and other instr"ments re'ei/ed by
the LLP shall as and 9hen re'ei/ed be paid and deposited in the
,esignated +an0 to the 'redit of the amo"nt of LLP, e:'ept s"'h
amo"nt of 'ash s"m(s) as are immediately reB"ired to meet the
'"rrent e:penses of the LLP*
11. M10,te,1,.e 1,& 1/&0t -6 5--;( -6 1..-/,t
The a''o"nts of the LLP shall be maintained a''ording to the
a''o"nting year (April to 7ar'h), and Statement of A''o"nt and
sol/en'y shall be dra9n of all the 'apital assets and liabilities of
the LLP, as at 1
st
7ar'h in ea'h year and, if reB"ired by the LLP
A'tE?"les, the statement of A''o"nt and Sol/en'y shall be a"dited
by a (hartered A''o"ntant appointed in terms of this Agreement
and appli'able pro/isions of the LLP A't*
11.9 A44'->12 -6 1..-/,t(
The a''o"nts of the LLP as on 1
st
7ar'h ea'h year shall be
appro/ed by all the Partners of LLP 9hi'h shall then be binding on
all the Partners and a 'opy thereof shall be distrib"ted to ea'h of
the Partners*
11.: B1(0( -6 +10,te,1,.e -6 1..-/,t(
(omplete boo0s and re'ords of the LLP shall be maintained
a''"rately refle'ting the a''o"nts, b"siness and transa'tions of the
LLP as 'ond"'ted in ea'h finan'ial year* S"'h boo0s and re'ords
shall be maintained on an a''r"al basis a''ording to the do"ble
entry system of a''o"nting and in a''ordan'e 9ith s"'h standards
and g"idelines as may be pres'ribed "nder the LLP A't andEor the
?"les, or by the $nstit"te of (hartered A''o"ntants of $ndia- or any
other 'ompetent a"thority*
ARTICLE 12 # STATUTOR" RECORDS AND FILINGS
12.1 M10,te,1,.e -6 'e.-'&(
The LLP shall 0eep at its registered offi'e%
(a) A '"rrent list of the f"ll name and last 0no9n b"siness,
residen'e or mailing address of ea'h Partner and
,esignated Partner in alphabeti'al order-
(b) (opies of this LLP Agreement, and all amendments and
modifi'ations hereto-
(') (opies of the in'ome6ta: ret"rns and reports of the LLP,
if any- and
(d) (opies of any finan'ial statements of the LLP*
12.2 A,,/12 6020,*
The LLP shall prepare and file 9ith the ?egistrar, a Statement of
A''o"nt and Sol/en'y, 9ithin a period of si: months from the end
of ea'h finan'ial year and an Ann"al ?et"rn 9ith the ?egistrar
9ithin si:ty days of 'los"re of its finan'ial year, in the form
pres'ribed "nder the LLP A't*
ARTICLE 13 # STATUTOR" AUDITORS
13.1 A44-0,t+e,t 53 De(0*,1te& P1't,e'(
8pon rea'hing the pres'ribed threshold limit of 'ontrib"tion or
t"rno/er for appointment of a"ditor, as pro/ided "nder the LLP
A'tE?"les, the ,esignated Partners shall, by passing a resol"tion at
their meeting, appoint the first stat"tory a"ditor 9ithin three
months of rea'hing the abo/e threshold limit, to a"dit the a''o"nts
of the LLP* @"rther, in 'ase of resignationEdeath or remo/al of
a"ditor, the ,esignated Partners may appoint the stat"tory a"ditor
to fill the /a'an'y*
13.2 A44-0,t+e,t 53 the P1't,e'(
$n 'ase the ,esignated Partners fail to appoint a first stat"tory
a"ditor as abo/e, the Partners may, thro"gh a resol"tion passed at
their meeting appoint an a"ditor* @"rther, any s"bseB"ent
appointment (in'l"ding reappointment of the e:isting a"ditor) of
a"ditor shall be made by the Partners in their ann"al meeting, in
9hi'h Statement of A''o"nt and sol/en'y are to be 'onsidered and
appro/ed*
13.3 A/&0t 6ee
The fee to be paid to the stat"tory a"ditor shall be "nanimo"sly
de'ided by the ,esignated Partner(s), s"b#e't to s"'h restri'tions as
may be m"t"ally agreed by the Partners thro"gh a resol"tion
passed at their meeting*
13. A/12060.1t0-, 6-' 144-0,t+e,t 1( A/&0t-'
A person shall not be B"alified to be appointed as stat"tory a"ditor
of the LLP "nless he is a (hartered A''o"ntant in pra'ti'e* A firm
of (hartered A''o"ntants in pra'ti'e or a Limited Liability
Partnership formed e:'l"si/ely by (hartered A''o"ntants in
pra'ti'e may also be appointed as stat"tory a"ditor, s"b#e't to the
permissibility thereof by their go/erning body, the $nstit"te of
(hartered A''o"ntants of $ndia*
13.9 A44-0,t+e,t -, 1,,/12 51(0(
An a"ditor of a LLP shall be appointed for ea'h finan'ial year of
the LLP for a"diting its a''o"nts* An a"ditor so appointed shall
hold offi'e in a''ordan'e 9ith the terms of his appointment and
shall 'ontin"e to hold s"'h offi'e till the period%
(a) ne9 a"ditors are appointed, or
(b) &e is re6appointed*
13.: E66e.t -6 6102/'e t- 144-0,t 1/&0t-'
Lhere no a"ditor has been appointed as abo/e, any a"ditor holding
the offi'e of stat"tory a"ditor shall be deemed to ha/e been re6
appointed, "nless the ma#ority of Partners ha/e determined that he
sho"ld not be re6appointed and ha/e gi/en a noti'e to this effe't to
the LLP*
ARTICLE 1 # PROFIT SHARING AND OTHER
DISTRIBUTIONS TO THE PARTNERS
1.1 S121'0e( 1,& &'1C0,*(
1one of the Partners, e:'ept the ,esignated Partners, shall re'ei/e
any salaryErem"neration for ser/i'es rendered to the LLP* S"b#e't
to any agreement amongst ma#ority of partners to this effe't, none
of the partners shall 9ithdra9 the initial 'apital 'ontrib"tion made
by himEher to9ards the ;'apital a''o"nt<*
1.2 P'-60t (h1'0,*
The net profits of the LLP arri/ed at after payment of appli'able
ta:es and pro/iding for payment of rem"neration to the ,esignated
Partners and interest to Partners on the loan gi/en by them shall be
di/ided in the proportion spe'ified in S(&>,8L> of this
Agreement* Losses, if any shall be borne by the Partners in the
same proportion as profits*
ARTICLE 19 # RIGHTS OF PARTNERS
19.1 R0*ht t- t1;e 41't 0, 5/(0,e((
All the Partners shall ha/e the right to ta0e part in 'ond"'t of
b"siness of the LLP*
19.2 R0*ht(, t0t2e 1,& 0,te'e(t 0, 1((et( 1,& 4'-4e't0e(
$n the e/ent of any distrib"tion, all Partners shall ha/e the rights,
title and interest in all the assets and properties in the LLP* S"'h
rights, title and interest shall be in the proportion of their respe'ti/e
'apital 'ontrib"tion*
&o9e/er, if a Partner be'omes insol/ent d"ring his ten"re as a
Partner in the LLP, his rights, title and interest in the LLP shall /est
9ith the offi'ial assignee or the liB"idator, as the 'ase may be*
19.3 R0*ht t- 1..e(( 1,& 0,(4e.t 5--;(
All the Partners shall ha/e the right to a''ess, inspe't and 'opy any
boo0s of the LLP*
19. R0*ht t- .-,t0,/e 0,&e4e,&e,t 5/(0,e((
>a'h of the Partners o/er and abo/e hisEher d"e 'ontrib"tion to
'apital, the same shall be a debt d"e from the LLP to the Partner
ad/an'ing the same and shall 'arry simple interest at the rate of
12H per ann"m or any other rate as de'ided by the ,esignated
Partners "nanimo"sly*
ARTICLE 1: #DUTIES OF PARTNERS
1:.1 F0&/.01'3 &/t0e(
>a'h Partner shall be bo"nd to 'arry on the b"siness of the LLP in
a diligent manner to the greatest 'ommon ad/antage, to be #"st and
faithf"l to ea'h other, and to render tr"e and fair statements of
a''o"nt and sol/en'y, and other information relating to the state of
affairs of the LLP*
1:.2 D/t3 t- 0,&e+,063 2-(( .1/(e& 53 6'1/&
The defa"lting Partner(s) shall indemnify the LLP and the other
e:isting Partners for any loss 'a"sed to it by his fra"dEfra"d"lent
'ond"'t of the b"siness of the LLP* $n s"'h 'ase, the
partnerEdesignated partner in/ol/ed shall 'arry "nlimited liability,
at his or her o9n ris0s*
1:.3 D/t3 t- 413 51.; 4e'(-,12 4'-60t( e1',e& 53 P1't,e'(
$f any Partner deri/es any profit for him 9itho"t the 'onsent of the
LLP from any transa'tion 'on'erning the LLP, or from "se of the
property or b"siness 'onne'tion of the LLP or the name of the
LLP, heEshe shall a''o"nt for that profit and pay the same to the
LLP*
1:. C-,60&e,t0120t3 -6 1 41't,e'(h04 0,6-'+1t0-,
(a) ,is'los"re of a Partners< 'onfidential information to any of the
offi'er, employees, 'ons"ltants or third party shall be made only
if reB"ired and to the e:tent ne'essary to 'arry o"ght rights and
responsibilities "nder this Agreement, or as reB"ired "nder any
la9 for the time being in for'e, or by any stat"tory a"thority*
@"rther, s"'h dis'los"re shall be limited to the e:tent 'onsistent
9ith the rights and responsibilities en"merated "nder this
Agreement, and shall only be made to persons 9ho are bo"nd to
maintain the 'onfidentially thereof and not to "se s"'h
'onfidential information e:'ept as e:pressly permitted by this
Agreement*
(b) All the partners shall e:er'ise the same standard of pr"den'e
and diligen'e, b"t no less than a reasonable standards of
pr"den'e, as he e:er'ises to prote't its o9n 'onfidential
information to ens"re that the employees, 'ons"ltants and other
representati/es of the LLP, or the entity 9ith 9hi'h s"'h
Partner is related, do not dis'lose or ma0e any "na"thoriGed "se
of 'onfidential information of another Partner* >a'h Partner
shall promptly notify the other Partner of any "na"thoriGed "se
or dis'los"re of 'onfidential information of another Partner*
(') Lithin si:ty days follo9ing termination or e:piration of this
Agreement, ea'h Partner 9ill ret"rn to the other Partner, or
destroy, "pon the 9ritten reB"est of the 'on'erned Partner, all
'onfidential information dis'losed to it by the 'on'erned Partner
p"rs"ant to this Agreement, in'l"ding all 'opies and e:tra'ts of
do'"ment*
Any employee 9ho has a''ess to 'onfidential information of
another Partner is liable to maintain s"'h information in
'onfiden'e and not to "se s"'h information e:'ept as e:pressly
permitted in this Agreement* All the partners hereby agree to
enfor'e 'onfidentiality obligations by 9hi'h its employees and
'ons"ltants are bo"nd*
1:.9 Othe' &/t0e(
1o Partner shall 9itho"t the 9ritten 'onsent of other Partners%
(a) >ngage or e:'ept for gross mis'ond"'t, dismiss any employees
of the LLP*
(b) >mploy any money, goods or effe'ts of the Partnership or
pledge the 'redit thereof e:'ept in the ordinary 'o"rse of
b"siness to the a''o"nt and for the benefit of the LLP*
(') >nter into any bond or be'ome s"rety or se'"rity 9ith or for any
person or do s"'h a't or 0no9ingly 'a"se s"'h a't to be done
9hereby the property of the LLP or any part thereof may be
atta'hed, siGed, hypothe'ated, mortgaged or offered as se'"rity*
The loans ta0en from the ban0s or finan'ial instit"tions in
e:er'ise of their po9ers by the ,esignated Partners in the
ordinary 'o"rse of the b"siness shall be o"tside the p"r/ie9 of
this 'la"se*
(d) Assign, mortgage or 'harge any asset or property of the LLP*
&o9e/er, the Partners shall ha/e right to assignEtransfer their
share of profits and losses in the LLP as 9ell as to re'ei/e
distrib"tions in the LLP, in f"ll or in part*
(e) Lend money or gi/e 'redit on behalf of the LLP or 'arry o"t any
dealings 9ith any persons, 'ompany or firm 9hom the other
Partners ha/e forbidden to tr"st or deal 9ith*
(f) (ompromise or 'ompo"nd or release or dis'harge (e:'ept "pon
payment in f"ll) any debt d"e to the LLP e:'ept "pon the
'onsent of the LLP in a meeting or tho"gh spe'ifi' delegation of
s"'h po9ers on the other ,esignated Partner(s)*
(g) +"y, order, 'ontra't or pro'"re any property, goods or ser/i'es
for the LLP 9itho"t prior 9ritten 'onsent of the other
,esignated Partner*
1:.: L015020t3 -6 P1't,e'( t- +1;e *--& 2-((e( 0,./''e& 0, .e't10,
.1(e(
Any loss in'"rred thro"gh brea'h of the pro/isions mentioned
abo/e shall be made good to ;A1A1, >1,>A=)8?S LLP< by
the Partner 9hose 'ond"'t 'a"sed the LLP to in'"r the same*
ARTICLE 1? # PARTNERS$ RELATIONS, AUTHORITIES,
RESTRICTIONS AND LIMITATION OF LIABILITIES
1?.1 I,te' (e 'e21t0-, 1+-,* P1't,e'( 1,& the0' 'e21t0-, C0th the
LLP
All the Partners shall for the p"rpose of the b"siness of the LLP, be
the agent of the LLP, b"t not of other Partners*
1?.2 Re(t'0.t0-, -, 1/th-'0t3
1o Partner shall%
(a) ha/e the right or a"thority to bind or obligate the LLP to any
e:tent 9hatsoe/er 9ith regard to any matter o"tside the s'ope
of the p"rpose of the LLP-
(b) "se the LLP name, 'redit, or property for other than the p"rpose
of the LLP-
(') do any a't detrimental to the interests of the LLP or 9hi'h
9o"ld ma0e it impossible to 'arry on the b"siness or affairs of
the LLP*
1?.3 P'-h050te& 1.t(
>:'ept as other9ise e:pressly pro/ided in an Agreement%
(a) Partners of the LLP and other employees of the LLP shall not
'ompete 9ith the LLP in the 'ond"'t or 9inding "pon the
a'ti/ities of the LLP*
(b) Partners shall not engage or in/est in, independently or 9ith
others, any b"siness a'ti/ity 9hi'h is in 'onfli't 9ith the
b"siness of the LLP e:'ept 9ith the appro/al of the Partners
in a properly and physi'ally 'on/ened meeting* &o9e/er, the
abo/e restri'tion shall not apply to 'ases 9here the Partner
had been 'arrying on the b"siness before in'orporation of the
LLP b"siness and had made a de'laration of his interest in
s"'h b"siness to the LLP at the time of being admitted as a
Partner thereto*
1?. EFte,t -6 P1't,e'$( 2015020t3
The liability of the Partners shall be limited as pro/ided in the LLP
A't and as set forth in this Agreement* Partners shall not be obliged
to restore by 9ay of 'apital 'ontrib"tion or other9ise any defi'it in
its 'apital a''o"nt or the 'apital a''o"nt of any other Partner, if
s"'h defi'its o''"r*
1?.9 P'-te.t0-, t- P1't,e'( 53 LLP
The LLP shall indemnify and defend its Partners and other offi'ers
from and against any and all liability in 'onne'tion 9ith 'laims,
a'tions and pro'eedings, regardless of the o"t'ome, #"dgment, loss
or settlement thereof, 9hether 'i/il or 'riminal, arising o"t of or
res"lting from their respe'ti/e performan'es as Partners and
offi'ers of the LLP, e:'ept for the gross negligen'e or 9illf"l
mis'ond"'t of the Partner or the offi'er(s) see0ing indemnifi'ation*
1?.: LLP ,-t t- 5e 5-/,& 53 .e't10, 1.t(
The LLP is not bo"nd by anything done by a Partner in dealing
9ith a person if%
(a) The Partner in fa't has no a"thority to a't for the LLP in doing a
parti'"lar a't and-
(b) The person 0no9s that he has no a"thority or does not 0no9 or
belie/e him to be a Partner of the LLP*
ARTICLE 1B # CONSEAUENCES OF BREACH OF COVENANTS
1B.1 De61/2t 0, 4e'6-'+1,.e -6 -520*1t0-,( 53 P1't,e'(
$f a Partner materially defa"lts in the performan'e of his or her
obligations "nder this Agreement, and s"'h defa"lt is not '"red
9ithin days after noti'e of s"'h defa"lt is gi/en by the LLP or a
Partner to the defa"lting Partner for a defa"lt that 'an be '"red by
the payment of money, or 9ithin days after noti'e of s"'h defa"lt
is gi/en by a Partner to the defa"lting Partner, then the non6
defa"lting Partners shall ha/e the rights and remedies des'ribed in
this Agreement*
1B.2 A>102152e '0*ht( 1,& 'e+e&0e(
$f a Partner fails to perform his obligations "nder this Agreement,
any other Partner shall ha/e, in addition to any rights and remedies
pro/ided here"nder, all s"'h rights and remedies as are pro/ided at
la9 or in eB"ity*
1B.3 !10>e' -' .-,(e,t t- 5'e1.h
1o 'onsent or 9ai/er, e:press or implied, by a Partner of any
brea'h or defa"lt by other Partner in the 'o"rse of performan'e by
s"'h other Partner of its obligations "nder this Agreement shall
'onstit"te a 'onsent to or 9ai/er of any similar brea'h or defa"lt by
any other Partner* @ail"re by a Partner to 'omplain of any a't or
omission to a't by another Partner, or to de'lare s"'h other Partner
in defa"lt, irrespe'ti/e of ho9 long s"'h fail"re 'ontin"es, shall not
'onstit"te a 9ai/er by s"'h Partner of its rights "nder this
Agreement*
1B. Re+e&3 6-' +1te'012 5'e1.h
$f material brea'h of this Agreement is 'ommitted by a Partner then
the s'ope of '"re of s"'h brea'h shall 'on'l"si/ely established by
the binding arbitration pro/isions "nder this Agreement* $f it is
determined by the Arbitrator that a material brea'h did o''"r and a
satisfa'tory remedy 'annot be instit"ted for s"'h brea'h then the
Partner ser/ing noti'e to the defa"lting Partner has the right to
reB"est dissol"tion of the LLP p"rs"ant to the pro/isions 'ontained
"nder the LLP A't as 9ell as "nder this Agreement* This right of
the non6defa"lting partner(s) 9o"ld be in addition and 9itho"t
pre#"di'e to hisEtheir right to see0 indemnifi'ation "nder Arti'le 21
of this Agreement*
ARTICLE 1D # TITLE TO PROPERT"
1D.1 The immo/able properties p"r'hased by the LLP shall ha/e 'lear
and mar0etable title free from all en'"mbran'es* All properties of
the LLP shall be held and registered, 9here ne'essary, in the name
of the LLP*
ARTICLE 2E # INDEMNIFICATION
2E.1 I,&e+,060.1t0-, 53, 1,& 1+-,*, the P1't,e'(
1o Partners shall indemnify the other Partner(s) or LLP or its
respe'ti/e offi'ers, dire'tors, employees and its respe'ti/e
s"''essors, heirs and assigns ($ndemnities) for any loss, 'laim,
damage, liability or a'tion e:'ept to the e:tent res"lting from his or
her gross negligen'e, mis'ond"'t, 9illf"l 9rong doing or brea'h of
his or her obligations(s) in terms of Arti'le 1F of this Agreement*
This pro/ision does not see0 to limit other remedies a/ailable to
the Partners "nder the e:isting la9s*
2E.2 P'-.e&/'e 6-' 0,&e+,060.1t0-,
An indemnity (the $ndemnitee) that intends to 'laim
indemnifi'ation "nder Arti'le 21 shall promptly notify the other
Partner (the $ndemnitor) in 9riting of any loss, 'laim, damage,
liability or a'tion in respe't of 9hi'h the $ndemnitee intends to
'laim s"'h indemnifi'ation, and the $ndemnitor shall ha/e the right
to parti'ipate in, and, to the e:tent the $ndemnitor so desires, to
ass"me the defense thereof 9ith 'o"nsel of its o9n 'hoi'e*
2E.3 L0+0t1t0-, -6 0,&e+,0t3
The pro/isions of indemnity in this Agreement shall not be
9ithheld "nreasonably* The fail"re to deli/er 9ritten noti'e to the
$ndemnitor 9ithin a reasonable time after the 'ommen'ement of
any s"'h a'tion, if pre#"di'ial to hisEherEits ability to defend s"'h
a'tion, shall relie/e s"'h $ndemnitor of any liability to the
$ndemnities "nder this Arti'le*
2E. C-G-4e'1t0-,
At the $ndemnitor<s reB"est, the $ndemnities "nder this Arti'le and
its employees and agents, shall 'o6operate f"lly 9ith the
$ndemnitor and its legal representati/es in the in/estigation and
defense of any a'tion, 'laim or liability 'o/ered by this
indemnifi'ation and pro/ide f"ll information 9ith respe't thereto*
2E.9 N-t0.e -6 0,&e+,060.1t0-, 1,& 413+e,t -6 2e*12 .-(t(
Any indemnifi'ation of, or payment of legal 'osts to, a Partner or a
,esignated Partner or any other employee in a''ordan'e 9ith this
Arti'le, if arising o"t of a pro'eedings by or on behalf of the LLP
shall be reported in 9riting to the Partners*
ARTICLE 21 # !INDING UP AND DISSOLUTION
21.1 V-2/,t1'3 C0,&0,* /4
The LLP shall be liB"idated p"rs"ant to the terms and 'onditions
'ontained in this agreement and the pro/isions of the LLP A't
"pon a de'ision to dissol/e the LLP by a 9ritten 'onsent of the
Partners holding at least 2IH interests of the LLP, in terms of the
/al"e of their ;'apital 'ontrib"tion< to the LLP*
21.2 C-+4/2(-'3 C0,&0,* /4
1ot9ithstanding anything 'ontained in this Agreement, the LLP
shall be deemed to be terminated in the follo9ing 'ases%
(a) 1"mber of Partners falls belo9 t9o, and the LLP 'ontin"e to
'arry on its b"siness 9ith less than t9o Partners for a period of
si: months-
(b) Partner<s non6e'onomi' right (/iG*, right to ta0e part in the
management, et'*) is transferred to a third party 9itho"t the
appro/al of the e:isting Partners*
21.3 A44-0,t+e,t -6 L0=/0&1t-'
8pon the o''"rren'e of an e/ent of dissol"tion as defined in the
LLP A't or in this Agreement, that 9o"ld trigger 9inding6"p
a'tion, the LLP shall 'ease to engage in any f"rther b"siness,
e:'ept to the e:tent ne'essary to perform e:isting obligations, and
shall 9ind "p its affairs and liB"idate its assets in the manner
pres'ribed in the LLP A't and ?"les*
The ,esignated Partner shall appoint a liB"idator, 9ho shall ha/e
sole a"thority and 'ontrol o/er the 9inding "p and liB"idation of
the LLP<s b"siness and affairs and shall diligently p"rs"e the
9inding6"p of the LLP* As soon as pra'ti'able after his
appointment, the liB"idator shall 'a"se to be filed a statement of
intent to dissol/e the LLP as reB"ired by the LLP A't andEor the
?"les*
21. St1t/( &/'0,* 20=/0&1t0-,
,"ring the 'o"rse of liB"idation, the Partners shall 'ontin"e to
share profits and losses of the LLP b"t there shall be no 'ash
distrib"tions to the Partners "ntil the ,istrib"tion ,ate as defined
in Arti'le 22*I hereof*
21.9 D0(t'05/t0-, D1te
LiB"idation shall 'ontin"e "ntil the affairs of the LLP are in s"'h
'ondition that there 'an be a final a''o"nting, sho9ing that all
fi:ed or liB"idated obligations and liabilities of the LLP are
satisfied or 'an be adeB"ately pro/ided for* Lhen the liB"idator
has determined that there 'an be a final a''o"nting, the liB"idator
shall fi: a date (note to be later than the end of the ta:able year of
the liB"idation, i*e*, the time at 9hi'h the LLP 'eased to be a going
'on'ern, or if later, ninety days after the date of s"'h liB"idation)
for the distrib"tion of the pro'eeds of liB"idation of the LLP (the
,istrib"tion ,ate)* The net pro'eeds of liB"idation of the LLP
shall be distrib"ted to the Partners as pro/ided in Arti'le 22*K
hereof not later than the ,istrib"tion ,ate*
21.: A44'-4'01t0-, -6 4'-.ee&( -6 20=/0&1t0-,
S"b#e't to pro/isions of the LLP A't, "pon the 9inding "p and
liB"idation of the LLP, the pro'eeds of liB"idation shall be applied
as follo9s%
(a) @irst, to pay all e:penses of liB"idation and 9inding "p-
(b) Se'ond, to pay all debts, obligations and liabilities of the
LLP, in the order of priority as pro/ided by la9, other than
debts o9ing to the Partners or on a''o"nt of Partners<
'ontrib"tions-
(') Third, to pay all debts of the LLP o9ing to a Partner- and
(d) To establish reasonable reser/es for any remaining
'ontingent or "nforeseen liabilities of the LLP not other9ise
pro/ided for, 9hi'h reser/es shall be maintained by the
liB"idator on behalf of the LLP in a reg"lar interest bearing
tr"st a''o"nt for a reasonable period of time as determined
by the liB"idator* $f any e:'ess f"nds remain in s"'h reser/es
at the end of s"'h reasonable time, then s"'h remaining
f"nds shall be distrib"ted by the LLP to the Partners in
proportion of their respe'ti/e profit sharing ratio*
ARTICLE 22 # GENERAL PROVISIONS
22.1 A+e,&+e,t, 'e4e12 -' +-&060.1t0-,
S"b#e't ho9e/er to any 'ontrary pro/isions in the LLP A't, this
Agreement may be amended only by the affirmati/e /ote of the
designated partners only* Any s"'h amendment shall be in 9riting
and shall be d"ly e:e'"ted*
22.2 B0,&0,* e66e.t
S"b#e't to the pro/isions of this Agreement, the terms and
'onditions made herein shall ha/e pre'eden'e o/er any other
Agreement 'on'l"ded before the e:e'"tion of this Agreement* The
Partners shall be bo"nd by the terms of this Agreement and any
'hange in the said terms shall be e:pressly refle'ted in his or her
Agreement and the reB"ired amendment shall be made only 9ith
the 'onsent Mof all the PartnersN and in 9riting*
22.3 C-,(t'/.t0-,
The agreement shall be 'onstr"ed as per the pro/isions of the LLP
A't and other la9s, notifi'ations, 'ir'"lars and r"les for the time
being in for'e in $ndia*
22. C-/,te'41't(
This Agreement may be e:e'"ted in more 'o"nter parts, ea'h of
9hi'h shall be deemed an original, b"t all of 9hi'h together shall
'onstit"te one and the same instr"ment, and shall be'ome effe'ti/e
9hen there e:ist 'opies hereof 9hi'h, 9hen ta0en together, bear
the a"thoriGed signat"res of ea'h of the parties hereto* )nly one
s"'h 'o"nterpart signed by the party against 9hom enfor'eability is
so"ght needs to be prod"'ed to e/iden'e of this Agreement*
22.9 N-t0.e(
Any noti'e to be gi/en "nder this Agreement shall be in 9riting
and shall be deemed gi/en 9hen re'ei/ed and may be sent by
email, e:press 'o"rier, registeredEspeed post or fa'simile to%
=ALS>?=> ()?P)?AT> A,=$S)?S LLP
A 2, Sattar Tal"0a So'*,
1a/#i/an,
Ahmedabad 5 40012
22.: Se>e'15020t3
$f one or more pro/isions of this Agreement are held by a proper
(o"rt to be "nenfor'eable "nder appli'able la9, portions of s"'h
pro/isions, or s"'h pro/isions in their entirety, to the e:tent
ne'essary and permitted by la9, shall be se/ered herefrom, and the
balan'e of this Agreement shall be enfor'eable in a''ordan'e 9ith
its terms*
22.? !10>e'
1o part of this Agreement shall be deemed to ha/e been 9ai/ed by
any Partner or any other person thereof "nless s"'h statement of
9ai/er is s"bmitted in 9riting by the Partner or s"'h person
see0ing the 9ai/er and shall be s"b#e't to "nanimo"s 'onsent of
the remaining or all the Partners as the 'ase may be*
22.B D0(4/te Re(-2/t0-,
$n 'ase of any disp"te or differen'es among the Partners or
bet9een the Partners and the legal heirsErepresentati/es of the
de'eased Partner or bet9een Partner and LLP 9hatsoe/er
'on'erned 9ith the affairs of the LLP or the interpretation of this
Agreement, efforts shall be made to resol/e s"'h disp"te or
differen'e thro"gh m"t"al dialog"e* Lhere s"'h dialog"e fails, the
matter shall be referred to a single arbitrator, if the parties agree
"pon one, or if the parties fail to rea'h a 'onsens"s on s"'h
appointment then s"'h appointment shall be made in a''ordan'e
9ith and s"b#e't to the pro/isions of the Arbitration and
(on'iliation A't, 1FFK (the ;Arbitration A't<) andEor any stat"tory
modifi'ation or re6ena'tment thereof for the time being in for'e*
S"'h arbitral a9ards(s) shall be binding on all parties to the
disp"te*
22.D E,t0'e 1*'ee+e,t
S"b#e't to the pro/isions of this Agreement, the Agreement and the
e:hibits and s'hed"les hereto and any side letter agreements
entered into by the Partners as of the date of this Agreement
relating to potential termination of this Agreement, 'onstit"te the
entire agreement bet9een the Partners 9ith respe't to the s"b#e't
matter hereof, and s"persede all prior and 'ontemporaneo"s
agreements, representations, and "nderstandings of the parties* 1o
party hereto shall be liable to bo"nd to the other in any manner by
any 9arranties, representations or 'o/enants 9ith respe't to the
s"b#e't matter hereof e:'ept as spe'ifi'ally set forth herein*
1othing in this Agreement, e:press or implied, is intended to
'onfer "pon any party, other than the parties hereto, and their
respe'ti/e s"''essors and permitted assigns, any rights, remedies,
obligations or liabilities "nder or by reasons of this Agreement,
e:'ept as e:pressly pro/ided herein* $n addition, neither of the
Partners 'an assign this Agreement or the rights and obligations
there"nder to another party 9itho"t the prior 9ritten 'onsent of the
other Partner*
22.1E S1>0,*(
$n the absen'e of any spe'ifi' pro/isions to the 'ontrary, nothing in
this Agreement shall be deemed to limit or other9ise affe't any
spe'ial or lo'al la9 no9 in for'e or any spe'ial #"risdi'tion or
po9er 'onferred, or any spe'ial form of pro'ed"re pres'ribed, by
or "nder any other la9 for the time in for'e*
22.11 G->e',0,* 21C
This Agreement shall be go/erned by the la9s of $ndia 9hi'h are
in for'e and 9hi'h may been ena'ted by the !o/ernment of $ndia
from time to time*
22.12 J/'0(&0.t0-,
S"b#e't to the pro/isions mentioned hereinbefore, 'ompetent 'o"rts
in the State of !"#arat, Ahmedabad (ity shall ha/e e:'l"si/e
#"risdi'tion to ad#"di'ate o/er matter relating to or arising o"t of
the present Agreement*
SCHEDULE 1
NAME OF THE DESIGNATED PARTNERS
S'.
N-.
NAME OF THE PARTNERS DPIN
1 A1A1, ?)1A..87A? SA1!&=$ 0KIFF4
2 (&$1TA1 7A&>S&+&A$ PAT>L 0KIFF44
C$1,A!$ &AS78.&?A$ S&A& 0KK04113
2 1A$S&AL P?AT$. S&A& 0KK04120
SCHEDULE 2
CAPITAL CONTRIBUTION B" PARTNERS
S'.
N-.
NAME OF PARTNER V12/e
7R(.8
1 Anand ?ona00"mar Sangh/i 10,000
2 (hintan 7aheshbhai Patel 10,000
Cindagi &asm"0hrai Shah 1,000
2 1aishal Prati0 Shah 10,000
T-t12
31EEE@G
SCHEDULE 3
PROFIT SHARING
S'.
N-.
PARTICULARS RATIO
1 Anand ?ona00"mar Sangh/i *2H
2 (hintan 7aheshbhai Patel *H
1aishal Prati0 Shah *H
TOTAL 1EEH
THE PARTIES TO THIS AGREEMENT HAVE SIGNED THIS
AGREEMENT ON THE DA" AND "EAR AND AT THE PLACE
MENTIONED HEREINABOVE.
Signed and deli/ered by the, in the presen'e of-
1. M'. A,1,& R-,1;;/+1' S1,*h>0,
+eing the party of the @irst Part, OOOOOOOOOOOOOOOO
2. M'. Ch0,t1, M1he(h5h10 P1te2,
+eing the party of the Se'ond Part, OOOOOOOOOOOOOOOO
3. M(. J0,&1*0 H1(+/;h'10 Sh1h,
+eing the party of the Third Part, OOOOOOOOOOOOOOOO
. M'. N10(h12 P'1t0; Sh1h,
+eing the party of the @o"rth Part, OOOOOOOOOOOOOOOOO
C-++-, !0t,e((#
1* OOOOOOOOOOOOOOOOOOOOOOO
2* OOOOOOOOOOOOOOOOOOOOOOO