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SHUBHAM TEJAS
CONTRACT II ASSIGNMENT

PARTNERSHIP DEED

This DEED OF PARTNERSHIP is executed on the 14th Day of October 2020

in between: -

Mr. Narendra Shukla S/O Mr. Satyendra Shukla, aged 42 years is a

businessman and a Hindu resident at House no. B/6, Road no. 12, Kausalya
Complex, Satna, M.P- 485226
………. (FIRST PARTNER)

AND

Mr. Harsh Vardhan Patel S/O Mr. Raj Vardhan Patel, aged 29 years is a
businessman and a Hindu resident at House no. 26/A, Ward no. 01, Katara
Apartment, Umbria, M.P – 484665 ………. (SECOND
PARTNER)

Hereinafter called the partners of the first part and Second Part respectively.

WHEREAS the parties of First and Second Part on the virtue of partnership have
decided to carry the partnership under the nametag of “PUSHKAR BOOK AND
DISTRIBUTORS” of selling books, journals etc. in order to safeguard their
respective interests in the partnership firm against any future disagreement,
misunderstandings or disputes among themselves during the continuance of the
business or at the determination of the partnership, the parties hereto have agreed
to regard in these present terms and conditions of the partnership.
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WHEREAS IT HAS BEEN MUTUALLY AGREED UPON BETWEEN THE

PARTIES THAT THE PARTNERS OF THE FIRST AND SECOND, SHALL
CARRY ON THE BUSINESS IN PARTNERSHIP UPON THE TERMS AND
CONDITIONS HEREINAFTER CONTAINED.

NOW THIS DEED WINTESSETH AS UNDER: -

1. THAT The partnership business shall be carried on in the name and style of
“PUSHKAR BOOK AND DISTRIBUTORS” at New Green Talkies, beside
Bank of India, Railway Station, Satna, M.P- 485001, which will also be the
principal place of partnership business. And shall carry on such business at such
other place or places as shall be mutually agreed and found to be more convenient.

2. THAT the amount standing to the credit of the personal accounts of the Parties
of First and Second Part in the books of above firm as on 14 th Oct 2020 shall be
treated as contribution by them to the capital of the Partnership. The initial
investment in the firm by partners will be rupees 10 lacs which is contributed by
them in equal proportion on the abovementioned date.

3. THAT the accounting year of the firm shall be from 1 st April to 31st March of
every year and at the end of accounting year, a B/S and a P/L account shall be
drawn up and the profit and loss ascertained for the year after making all expenses
and outgoing including I.O.C shall be divided among partners according to their
respective shares hereunder. The first accounting year shall end on 31 st March
2021.
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4. THAT The partnership business shall be deemed to have commenced from 14 th

day of October 2020 and it shall be the partnership at will. The business of the firm
shall deal ordinarily in services of “All types of dealing and selling as a Wholesaler
and Retailer of all types of educational books, spiritual ,business, magazines and
stationery and such other allied activities incidental thereto but the partner shall
have the option to embark upon any new line or lines of business and open and
close branches of business with mutual consent and all terms and conditions of the
partnership deed shall apply upon them also.

5. THAT the bank account/accounts shall be maintained in the name of the firm
and shall be operated by the signature of either of the party of the first or second
part or as per written directives given by them.

6. THAT the profit and losses if any the partnership business shall be shared or
borne by partners at the end of every accounting year for example on 31st March in
the proportion as under
Partners % of share in profits and losses
Mr. Narendra Shukla : 40%
Mr. Harsh Vardhan Patel : 60%

7. THAT at the end of accounting year a balance sheet and profit and loss account
shall be drawn up and profit and loss as credited for the year after making due
allowance for bad and doubtful debts interest on capital, drawings and commission
to the partners shall be divided between the partners according to their respective
shares as laid down in the clause 9,10 and 11 below mentioned.
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8. THAT parties hereto shall contribute such sums of money towards capital of
partnership firm as may be mutually agreed upon and such contributions shall
carry interest at the rate 12% per annum or as may be prescribed under section 40
(B) or any other applicable provisions of the Income Tax Act,1961 on amounts
standing on their respective credits or at such other rates mutually agreed upon
considering the business trends or financial position of the business or other
reasons which they think fit.
9. THAT the party shall be entitled to drawings of such amount as may be
mutually decided between themselves from time to time by mutual agreement in
writing or by executing a supplementary or any other deed and the interest rate for
drawings would be fixed at the rate of 6 % per annum.

10. THAT the partners will be paid a Salary of Rs.2500/- per month for the
services rendered to the rim and they will also be entitled to a bonus @ 12% on
their salary for their professional work which is not a business work as mutually
agreed upon between them.

11. THAT the remuneration, bonus and/or commission payable to the partner may
be increased or decreased and side deed or agreement will have effect from first
date of the accounting year in which the side deed or agreement is executed.

12. THAT unless otherwise provided in the deed, the right claims interest,
responsibility and liabilities of the partners between themselves shall unless
otherwise provided for under presents to be governed by the Indian Partnership
Act. 20.
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13. THAT any of the partners shall be constitutionally authorized by the firm to
handle the below mentioned work ,the side firm works are : to open and create any
bank account/accounts in the name of the firm to register a firm, to obtain the
work, to submit tenders, negotiate rate and to ask, accept, receive and collect the
contract bill, measurement, cheque, money order, Bank draft, payment order for
other securities for money drawn in favor of the side firm on behalf of the firm on
government, semi Government and private department to prepare, obtain sign and
submit all the returns and statement, Income tax, GST returns, declarations and to
verify the same for representing the firm before government ,semi-government,
private department and any court or tribunal and income tax department.

14. THAT when a partner in a firm is adjudicated an insolvent, he ceases to be

a partner on the date on which the order of adjudication is made, whether or not
the firm is thereby dissolved and the loss due to insolvency of a partner shall be
shared by the remaining partners in the Profit Sharing Ratio (P.S.R) as decided in
the beginning.

15. THAT In Case of Retirement of any partner(s), the partnership shall be at will
and will continue so long as the partners may desire. In case any partner is desiring
to Retire, he shall give the notice before one month prior in writing with effect to
other partners but shall not leave the firm until or unless all the pending
commitments are carried out, liabilities paid off, assets realized and accounts are
rendered fully and settled finally to the entire satisfaction of each of the parties
hereto.

16. THAT The retiring partners are jointly and severally liable for all the acts of
the firm done till the date of retirement and for any liability and loss arising due to
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any acts of the firm done prior to the date of retirement. The incoming partner shall
bear no responsibility whatsoever of the firm date prior to his or her incorporation
as the partner.

17. THAT In Case of Death of any partner, his legal heir will step up his shoes and
will be admitted as partner under same terms and conditions as were applicable to
the deceased partner. If the heir isn’t interested to join and run the firm, the
remaining partner shall be eligible to run the firm either in partnership with some
other person or in proprietorship or they may take a new partner in the partnership
firm with same terms and conditions.

18. THAT all disputes regarding the partnership shall be decided by the firm
arbitrators to be appointed by each partner. In case of difference of opinion
between the arbitrators the same shall be decided by an empire appointed for the
purpose.

19. THAT after dissolution of the partnership, the account of the firm shall be
settled in accordance with the provision let down in Section 40 of the Indian
Partnership Act.

IN WITNESS WHERE OF, the parties of the first and Second parts here have put
their respective hands on this DEED OF PARTNERSHIP on the day, month and
year first mentioned above.

WITNESSESS:
PARTNERS:
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1 Ajay Sharma 1. Mr. Narendra Shukla

Address: Chandni Chowk, Satna, M.P
2 Jaya Prada 2. Mr. Harshvardhan
Patel
Address: Sindhu Bhawan, Guna, M.P