Apni Law Staff asked 2 years ago
My friend and I started an industrial gas business. He had ten years of experience, but I was new to the field. I put in all the capital, and we agreed to share control of the finances. Within four months, the business account was empty, and I never received any expense or income reports. I kept making loan payments, but there was no profit. I repeatedly asked for detailed records, but my requests were ignored. The company eventually closed, but the financial situation remained unclear.
Best Answer
Apni Law Staff answered 2 years ago
Based on Indian law, you have grounds to seek an accounting of the business finances from your partner. You can initiate legal proceedings to compel him to provide detailed records and potentially pursue claims for misappropriation of funds. The burden of proof rests on you to demonstrate financial mismanagement and your partner’s breach of the agreement.
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