1

DEED OF PARTNERSHIP FOR ADMISSION

THIS DEED OF PARTNERSHIP FOR ADMISSION made at this 11th day of

March 2023 at Thane by and BETWEEN

Mr. Mohan Shankar Teli, an adult having PAN No. (AAGPT8010P),Indian

Inhabitant, residing at 2nd Floor, Teli House, Kharkar Ali, Thane West, Thane,
Maharashtra- 400601 (which expression unless be repugnant to the meaning or
context thereof be deemed to include their respective successors, heirs, executors,
administrators and assigns) of the “First Part”.

AND

Mr.Lala Bavasa Bemkun, an adult Indian Inhabitant having PAN No.

(BCMPS9486B)residing at Flat No. 101, Jay Varsha Apartment, Shastri Nagar,
Kalwa West, Thane, Maharashtra- 400605 (which expression shall unless it be
repugnant to the meaning and context thereof shall deem to mean and include his heir
executers, administrators and permitted assigns) of the “Second Part”.

(The Parties of the First Part and Second Part hereinafter collectively referred to as
“CONTINUING PARTNERS”)

AND
 2

Mr. Javed Ibrahim Shaikh an adult Indian Inhabitant having PAN No.(AZYP)
residing at flat No.1004, Surme Heights, Talao Pali Road, Near M M Valley, Thane
Maharashtra-400612 hereinafter referred to as the “INCOMING PARTNER”
(which expression shall unless it be repugnant to the meaning and context hereof
shall deem to mean and include his heirs, executors, administrators and permitted
assigns) of the “Third Part”.

AND

Mr. PRAMOD KRISHNA PAWAR an adult Indian Inhabitant having PAN No.
(BCMPS9486B) residing at L. B. S. Marg, opp- Wagle Post Office, Wagle Estate,
Thane West, Thane, Maharashtra- 400604 hereinafter referred to as the
“INCOMING PARTNER” (which expression shall unless it be repugnant to the
meaning and context thereof shall deem to mean and include his heirs, executors,
administrators and permitted assigns) of the “Fourth Part”.

(The Parties of the Third Part to Fourth Part hereinafter collectively referred to as
“INCOMING PARTNERS”)

WHEREAS: -
A. The Continuing Partners are partners in the firm name and style of M/s
MANIBHADRA ENTERPRISES having PAN No.(ABHFM0787G) by
virtue of the Deed of Partnership dated 14th JAN, 2021 entered into between
them and upon the terms and conditions recorded therein.

B. The Incoming Partners are willing to join said partnership along with continuing
partners w.e.f 11.03.2023 and will also act as a partner in the said Partnership on
the terms and conditions recorded hereinafter.

C. It is decided between The Incoming Partners along with continuing partners to

change the ratio of Net Profit or Losses as mentioned hereinafter

NOW IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS

UNDER: -

1. The Incoming Partners will admits as a per the same terms and conditions as are
contained in the said Deed of Partnership hereinbefore.

2. The Incoming Partners is thus hereby admitted as New of the said Partnership Firm
to carry on the business in the name of MANIBHADRA ENTERPRISES along with
continuing partners with effect from 11.03.2023 upon the terms and conditions
recorded herein. The reference to Partnership hereinafter shall be the reference to the
newly constituted Partnership.
 3

3. The business of the Partnership has been carried on at: - Ground Floor, Sheetal
Apartment, Kharkar Ali, Thane, Thane, Maharashtra-400601; agreed by the or at
such other place or places as the partners may from time to time agree upon.

4. The business of the Partnership shall be the same as at present carried on and may
be changed or added to with the consent of all the Party of Third, Fourth part only.

5. The duration of this Partnership shall be “at Will” but however the party of the first
and second part reserves the right to retire the party of Third and Fourth part after
completion of Project Name:_____________ undertaken by the MANIBHADRA
ENTERPRISES

6. The accounting year of the Partnership shall be from 1stday of April to 31stday of
March of the next year.

7. The Shares in the Capital Assets including goodwill as on this day 11.03.2023 of
the said Partners shall be treated as follows: -

SR NO. NAME OF THE PARTNERS % OF SHARE IN THE

CAPITAL ASSETS
1 MR MOHAN SHANKAR TELI 25 %
2 MR LALA BAVASA BEMKUN 25 %
3 MR JAVED IBRAHIM SHAIKH 25 %
4 MR PRAMODKRISHNA PAWAR 25 %
TOTAL 100%

8. The Shares of the Parties hereto in the Net Profit or Losses of the Partnership shall
be as follows: -

SR NO NAME OF THE PARTNERS % OF PROFIT

& LOSSES
1 MR MOHAN SHANKAR TELI 25 %
2 MR LALA BAVASA BEMKUN 25 %
3 MR JAVED IBRAHIM SHAIKH 25 %
4 MR PRAMOD KRISHNA PAWAR 25 %
TOTAL 100%

9. The Fixed Capital contribution of the Partnership Firm issue of Rs. 50,000/-
(Rupees Fifty Thousand Only) and is provided by The Incoming Partners in their
Percentage of Share in Capital Assets. If at any time hereafter any further capital is
required for the purpose of the Partnership the same shall, unless otherwise agreed,
be contributed by all the partners in the abovesaid ratio. The partners shall be entitled
to interest on the capital brought in by them.
 4

10. All the partners have agreed to actively devote their time and attention to the
Business of the partnership. It is hereby agreed by and between the parties hereto that
in consideration of the Income Tax Act, 1961, they shall be entitled to draw yearly
remuneration as under: -
I) The Total yearly remuneration payable to the aforesaid partner shall be the sum
Total of the amounts as calculated as specified in sub-clause (a), (b) and (c) herein
below, as the case may be :

(a) In respect of First Rs.50,000/- Or 90% of the

Rs.75,000/- of the book profit or, book profit whichever is
in case of a loss more
(b) In respect of the book profits @ 60% of the excess over
over Rs. 75,000/- but not Rs.75,000/-
exceeding Rs.1,50,000/-
(c) On Balance of book profit @ 40% of the excess over
Rs.1,50,000/-

II) The Remuneration payable to each of said partners shall be follows:

SR. NAME OF THE PARTNERS % OF REMUNERATION

NO. PAYABLE
1 MR MOHAN SHANKAR TELI 25 %
2 MR LALA BAVASA BEMKUN 25 %
3 MR JAVED IBRAHIM SHAIKH 25 %
4 MR PRAMOD KRISHNA PAWAR 25 %
TOTAL 100%
III) For the purpose of payment of the above remuneration the book profits shall be
calculated in accordance with the provision of explanation 3 of Section 40 (b) of the
Income Tax Act, 1961 or any applicable provision that may be in force from time to
time for the Income Tax Act Assessment of the partnership firm for the relevant
accounting period.

IV) The parties hereto shall be entitled to increase or decrease the quantum of
remuneration payable to the partners and may agree to pay remuneration to such
other partner or partners as may be mutually agreed upon from time to time. The
parties hereto may also agree to revise the mode of calculating the remuneration and
decide to pay remuneration in one lump sum or otherwise.

11. The yearly remuneration payable to the above partners shall be credited to their
respective capital or current accounts at the close of the accounting period when the
final accounts of the partnership have been duly made up and the amount of
remuneration due to them duly determined.

12. Subject to what is otherwise provided herein all, any liability arising due to any of
the doings of the partners pertaining to the period before 11.03.2023 will be sole
 5

responsibility of the continuing partners as if the said continuing Partner was the party
thereto and the responsibility of the incoming partners will commence from the date
of this deed of admission dated 11.03.2023

13. All Partners shall sincerely do their respective jobs which is necessary in the best
interest of the firm so as to run the same smoothly and profitably to the best
advantage of all the partners. If any partner were to deliberately cause loss to the firm
or is acting prejudicial to the interest of the firm such a partner shall make good the
same to the other partners and such partner shall be removed from the Partnership.

14. That the parties hereto shall give due intimation of the change to the Registrar of
Firms as required by the Indian Partnership Act and sign the papers necessary
thereof.

15. The rights, powers, duties and obligations of the parties (partners) hereto shall be
governed by The Indian Partnership Act, 1932 or such other statutory modifications
or re-enactment thereof.

16. That the bank account or accounts have been and shall be maintained in the name of
the firm and shall be operated parties of any three partners on jointly basis and
mode of Operations may be mutually decided.

17. If any dispute arises between the parties hereto in respect of the Partnership, the
same shall be referred to the Arbitration under The Arbitration and Conciliation Act,
1996 or the Arbitration Act as may be in force.

SIGNED, SEALED & DELIVERED by the

Within named CONTINUING PARNERS
OF FIRST & SECOND PART

MR MOHAN SHANKAR TELI

In the presence of
a.

b.

MR LALA BAVASA BEMKUN

In the presence of
a.

b.

SIGNED, SEALED & DELIVERED by the

Within named INCOMING PARTNERS
 6

OF THIRD AND FOURTH PART

MR. JAVED IBRAHIM SHAIKH

In the presence of
a.

b.

MR. PRAMOD KRISHNA PAWAR

In the presence of
a.

b.
7