Questions & Answers
Renewal of a partner's visa to avoid the loss of partnership
A company has two partners P1 & P2, and P2 partner's visa expired. In order to give the complete ownership to P1, P1 is hesitating to provide the money for the share by giving excuses of liabilities.
P1 owns 75% share and P2 owns 25% legally approved by the government, but with an understanding between the partners, they came up with another contract by P2 having only 10% with no liability.
The only issue is that this contract is not government approved, is it still valid? Now, P1 is trying to acquire the whole company by not allowing P2 to renew the visa.
What should be done? Should we file a case? If so, what would be the procedure?
Dear Questioner,
Good morning.
Thanks for contacting online.
Since the partnership is not dissolved and still continuing, P2 can renew the visa. The restructuring of the sharevalue might have been changed through an MOU.
Even though it is not a notarized one it is binding on both partners provided both of them signed it. So if P2 is not allowed to renew visa by P1, P2 has the right to resort to legal remedies for getting his visa renewed.
Please feel free to contact me at 0556635526 or WhatsApp at 0508575526 or email at ar@alnassaradvocates.com if you need any further clarification or explanation on this.
Regards,
Anitha Rajeev
