PARTNERSHIP DEED

This DEED OF PARTNERSHIP is made on the 10th day of November, 2020 between:

(1) Mr. Akshay Wadia, S/O Shri Rakesh Wadia, aged about 42 years, residing at House
No.:1188, Aaga Khan Compound, Mumbai Central, Mumbai, Maharashtra, PIN: 400008,

hereinafter referred to as the PARTY OF THE FIRST PART.

AND

(2) Mr. Sharukh Singh, S/O Shri Maulam Singh, aged about 37 years, residing at Husrum
Mahal, Maval, Lonavala, Pune, Maharashtra, PIN: 410401,

hereinafter referred to as the PARTY OF THE SECOND PART.

WHEREAS, the Parties above named intend to carry on the business in partnership for the
sale of grocery vide this DEED OF PARTNERSHIP.

AND

WHEREAS, it is deemed desirable that a regular DEED OF PARTNERSHIP be entered into

and reduced into writing on executable terms and conditions mentioned hereinafter.

NOW THIS DEED WITNESSETH AS UNDER: -

COMMENCEMENT
1. The Partnership shall come into effect from the 10th day of November 2020.
OPERATION OF BUSINESS
2. That the partnership business shall be carried on under the name and style of M/S Wadia
Enterprises.
3. That the business of Partnership hereby formed shall be for the sale of groceries or any
other business as may be decided through mutual assent of the partners from time to time.
4. That the principal place of business will be at 6 th Lane Complex, Faras Road, Mumbai
Central, PIN :40008, Maharashtra. The chief place of business may be shifted to such
other place or places as the parties to the partnership may decide through mutual
agreement.
 SHARE OF CAPITAL
5. That the lease of the land belonging to the Party of the First part shall be treated as his
contribution to the capital of the Partnership. The Party of the Second part has conveyed
his acceptance to the same.
6. That the expenses incurred in opening a provision store at the place of business by the
party of the Second part shall be considered as his contribution to the capital of the
Partnership.
7. That further funds required for the purpose of the business shall be borne equally by both
the partners and in such manner as may be mutually agreed between them from time to
time.
MAINTENANCE OF ACCOUNTS
8. That regular accounts books shall be maintained in due course at the place of business.
The regular books of accounts shall be closed on the 31st day of March every year and
each partner shall have access and power to have copies of the same. All the transactions
entered into within the scope of the partnership shall be faithfully recorded therein.
9. That at the end of each closing year, the Profit & Loss Account and the Balance Sheet of
the enterprise shall be diligently drawn up. The Profit/loss entitled to each partner under
the agreement shall be duly credited or debited to their respective accounts.
10. That the Profit and Loss Account and the Balance Sheet shall be signed by the two
partners, upon which the same shall be binding on both.
11. That the bank account in the name of the Partnership shall be operated by any one of the
partners or mutually as decided by them from time to time.
DIVISION OF PROFIT & LOSS
12. That the Profits & Losses shall be divided between and borne by the parties hereto in the
following manner:
13. That the division of profit and loss between the partners shall be on a monthly basis.
14. That the Party of the First part will be paid 20% commission on the monthly sales for the
services rendered. The party of the second part will be paid the remaining share in profits
on the sales made in the month.
15. That in the event of loss in a month, the Party of the First part will be liable to share 5%
of such joint loss.
RIGHTS & DUTIES OF PARTNERS
16. That each partner shall:
 (a) diligently devote the necessary time and attention required for the smooth and
efficient conduct of the business.
(b) Punctually pay his separate debts and indemnify the other partner and the entity
against the same.
(c) Upon reasonable request, inform the other partner of all the letters, accounts, writings
and other such things, which shall come to his/her hands or knowledge concerning the
business of partnership.
17. That neither partner without the consent of the other shall:
(a) Lend any of the money or deliver upon credit any of the goods of the business to any
person or persons whom the other partner shall have previously in writing forbidden
him/her to trust.
(b) Raise or advance any loan in the name of or on behalf of the partnership.
18. That no partner shall without the prior consent of the other do or abet:
(i) the sale, mortgage, assignment or transfer through any other means, his share or
interest in the partnership business or property.
(ii) Charge, mortgage, hypothecate, assign or transfer through any other means the
property or rights belonging to the partnership.
19. That the parties to the deed shall work honestly for the progress of the business. They
shall convey true and reliable information to each other during the course of business.
20. That the Partners shall exercise their powers and duties with mutual consent (either
express/implied) from the other, which includes and is not limited to:
(1) Sale, sub-lease, amalgamation or disposing off the property belonging to the
partnership for such consideration as the partners to the firm may deem fit and adequate.
(2) Sale, mortgage, lease, assignment or disposing off the assets in the business (movable
or immovable) to any person, company or entity at mutually agreed prices.
INTRODUCTION OF NEW PARTNER
21. That on agreement of both the partners, a new partner may be introduced into the business
of the Partnership. Such change in partnership shall be on appropriate terms and
conditions as may be mutually agreed between the parties to this deed and the new
partner.
DISSOLUTION
22. That the partnership shall terminate at the end of a period of 23 months from the date of
execution of this deed.
23. That the partnership may, subject to the market conditions be extended beyond the
proposed period without prejudice to the rights and liabilities created under this deed.
24. That the Partnership will be automatically dissolved in case of consistent losses in
business over a period of five months. Such dissolution of Partnership shall put to end to
all rights and liabilities created under this deed.
25. That any partner may retire from the partnership, provided a reasonable notice is tendered
to the other at least one month before the intended day of such retirement.
26. That in the event of death or retirement of any of the parties hereto, the partnership firm
shall not be dissolved, and shall continue only with the assent of the surviving party. In
the event of continuance following the death of one of the Partners, the legal heir or the
representative of the deceased shall take up the role of partner.
27. That upon dissolution of the partnership under any circumstance not envisaged within the
terms of the deed, the assets, goodwill and liabilities shall unconditionally devolve on any
one partner, subject to the mutual agreement between the parties.
CHANGES IN AGREEMENT
28. That the Parties shall be at liberty to amend, alter, suspend or rectify any term or terms of
this DEED OF PARTNERSHIP in due course of business. No separate Deed is required
to be executed in furtherance of such amendment, alteration, suspension or rectification
by the parties to the partnership.
RESOLUTION OF DISPUTES
29. That any dispute arising from or incidental to the subject matter of the agreement shall be
governed by the relevant provisions of the Indian Partnership Act, 1932, and the Indian
Contract Act, 1872.
30. That all the disputes or differences arising from or incidental to the partnership will be
subject to the jurisdiction of courts of law in Mumbai.

IN THE WITNESS WHEREOF, this DEED OF PARTNERSHIP is signed, sealed and

delivered on 10th November 2020 at Mumbai, Maharashtra.

WITNESSES:

1. Rahul Wadia
R/O House No.: 3021, S B Singh Colony,
J B Nagar Andheri East
 Maharashtra PIN: 400048
2. Mukesh Batra
R/O House No.: 8621, Government Colony
Bandra (E)
Mumbai, Maharashtra, PIN: 400051

EXECUTANTS:

1. Akshay Wadia
R/O House No.: 1188, Aaga Khan Compound,
Mumbai Central,
Mumbai, Maharashtra, PIN: 400008
2. Sharukh Singh
R/O Husrum Mahal, Maval, Lonavala
Pune, Maharashtra, PIN: 410401